Ann: Rincon Lithium Project - EIA Approval Granted, page-114

"However, with the EIA approval in hand, JZ is now under pressure to secure strategic funding within the next 3-6 months, at a time of depressed lithium pricing."

I would be surprised to see funding, other than a CR, that soon. In their latest progress update they've now specified their target for any agreements to be aligned with the completion of all detailed engineering works, as well as EPCM contractor being awarded the job. This is now an open-ended timeframe, it could take quite a while. It could also be done quickly, but I doubt it taking into consideration the tell-tale signs of a CR with the increase of the placement facility by an additional 10% and now working with an investment bank.

Also it would be fair to say no financing will be secured (via offtake/prepayment etc) without proving they even have the ability to produce at scale in the first place. So I think this is something we will have to wait on as well.

Something to keep in mind, they were meant to start construction of the 10ktpa last year, so it's odd that they don't have the engineering works already completed in advance. I think this tells you a lot in that even if the permits were granted last year, they were not ready to start construction as early as they told the market.