Ann: Response to media speculation, page-107

Agree Frank. All roads at Maricunga go through LPI. I will reiterate from a post last week. I am expecting any offer(s) to land between 40 to 50 percent of the stage 1 project NPV. Otherwise we proceed to construction as planned. The Maricunga salar probably holds around 20 to 25 million tonnes of lithium brine at 1,000 plus mg/Li. SQM would hold the number 1 resource followed by LPI and then Codelco. The current state of play is the Codelco and SQM resources are basically stranded and need to either partner or buy out LPI to extract any benefit from.them. This is the calm before the storm.