Ann: Shelf zone delivers standout drill results, page-9

Retail moves in with ROD, institutional money won’t move until FID as they will have to release the final DFS before that. All other TA and lithium price is looking like it heads down a bit more before turning back up (looking more like a dead cat bounce on wider lithium price that’s still playing out next few months). All of these reports of how much lithium they have won’t mean much until the DFS outlines how they plan to scale the plant for increased throughput and the most recent economics of the project, and when they can actually dig it! But have been told that plant scales in increments of ~22kT pa so depending on what they end up I’m guessing at a x2 or x3 in initial production tonnage as they move to phase 2 and beyond. I’m also expecting some time between ROD and FID for the opposition to announce legal action against the BLM when they give a positive ROD but I don’t think that action will have much merit behind it (some hopium I guess).