Ann: Quarterly Cashflow Report, page-104

Yes Big Al it is true that once lithium prices increase the lending community may
open their wallets again to greenfield projects. But the process will take years and
we have seen how difficult, expensive, and time consuming moving a mine to nameplate
can be. Look at Nemaska in Canada.

In the meantime, the existing miners will have already wrapped their arms around the best
offtake partners and customers. The longer it takes for greenfield projects to come back into
consideration, the more difficult it will be for them to establish a beach head. Many of the
existing miners like PLS are in a much better position to expand capacity to meet increased
demand.