Ann: Rincon 2,000tpa Li2CO3 Operations Update, page-22

Jan ’22

The Company remains on schedule to achieve first production of >99.5% battery quality lithium carbonate product from mid-2022.

May ’22

The Company remains on schedule to achieve first production of >99.5% battery quality lithium carbonate product during the next quarter.

Aug ’22

The Company remains on budget and is targeting to achieve first battery quality lithium carbonate product over coming months.

Sep ’22

The Company remains on budget and is targeting to achieve first battery quality lithium carbonate product next month.

Oct ’22

Steady-state lithium carbonate production operations scheduled during next quarter

Jan ’23

Ramp-up phase of continuous lithium carbonate production operations scheduled during current quarter and advancing toward steady-state production operations by end of Q2-CY2023

In the context that we have produced product from the pilot plant, and that the next step is a 2000tpa plant, I feel like communications could be clearer from management (the delineation between ‘producing product’ and ‘steady-state product’); and

Do wish that their milestone expectations included delay margins.

(“On-time is now two minutes early” was a slogan from a company I once worked with. It’s about meeting/exceeding expectations. Excerpts from the previous years’ announcements shows that milestones have been missed.)

(From a supporter of this company) This is a mildly disappointing announcement