Ann: Response to media speculation, page-48

Here's what I think may happen is this:

- Codelco buy out LPI for $XXXm, this gives Codelco the largest holding in the Maricunga
- Codelco conveniently change their position on the "legality and scope of the permits"
- Codelco then approach SQM who are also a significant lease holder in the Maricunga to form a JV where SQM use their execution experience to commercialaise the resource
- Codelco then take a softer position on SQM with relation to their projects in the Atacama (they still take a position, but not so aggressively given they would now be the majority owner of "the second best salar in the world" (I read that somewhere??)
- Everyone makes bank except LPI shareholders who would still make money, but not as much given they "only" get bought out for maybe $1.50 per share and have no upside and no second project since the board sold the "Plan B" off.