Ann: Quarterly Activities Report, page-5

They actually pulled the timeline forward, which is good.

Q3 report: "Stage 2 is expected to commence production in FY23, ramping up to full capacity of 25ktpa of industrial grade lithium carbonate
by FY26."

now Q4 report: "Stage 2 is expected to commence production in H2 CY22 and ramp up over two years to full capacity of 25ktpa of primary grade lithium carbonate by H2 CY24"

Then Naraha is 89 % complete and they are in discussions to expand the plant in Naraha (which I already expected) and they will conduct a scoping study for stage 3 of their Argentinian operations, which isn't surprising either.

Also the share of battery grade product increased from 22 % during Q3 to 34 % during Q4, which is good.

All in all I think the report is positive although I had hoped from better ASP during Q4, but i guess they had to fulfill too many contracts from the quarters prior to this one. If they truly have achieved 34 % battery grade than their ASP should go up drastically in the next quarters.