Ann: S&P DJI Announces March 2024 Quarterly Rebalance, page-23

We all know Lepidolite ore is much more expensive to process into a lithium spec for batteries, than spodumene … and the recent crazy low prices make it near impossible for the Asian processors to make money on that lepidolite material

Feedstock can’t grow unless lithium prices are much higher

Hence, the importance of battery manufacturers to try and diversify globally and to be sourcing a quality product derived predominantly from a spodumene host.

Do not underestimate the importance of WildCat’s existing Mining Licence, close nearby Port Hedland and their Leia orebody starts only 5 metres below the surface.

Azure’s Andover deposit is not yet on a mining Lease and I understand that ~20% of the Andover tenure may have some interesting Aboriginal Heritage issues to overcome.
This will require new clearances, negotiation and a permitting process that should lag any potential Tabba Tabba development by ~2 years

When WildCat prove up a tier 1 project, they should have no problems obtaining material offtake and generous financing to kick things along as quickly as possible.

Whoever ends up eventually owning this beautiful project… I don’t think they will be sitting on their hands for very long.