Ann: Result of BMX Auction, page-33

Having a fingerprint up and down the raw material supply chain is important longer term as the margins will also swing around as the bottlenecks will. I believe the midstream product will also better enable PLS product to slip into carbonate or hydroxide streams or Solid State? Is this correct?

Cyclone damage unlikely. It's all bolted down. Possibly a flooding event associated with a cyclone may have a short term impact. The cyclone black swan event is mentioned often but my experience having lived North of the Tropic of Capricorn for most of my life, is that impacts to mining operations are minimal and short lived. Maybe Port Hedland Port infrastructure is a bigger risk in a cyclonic event.