Ann: Successful OHD Cereal Crop Trials, page-589

The LIT technology if it works is actually quite revolutionary. The benefits in the article don't include byproducts so that is interesting if the process can be retweaked to cover byproducts such as tin/tantulum for example but much more test work there. Generally speaking, and using PLS as an example, they plan to input 2million tonnes per annum of ore feed grading 1.26% Li20 to produce 314,000 tonnes per annum of 6% spodumene concentrate at a 77% recovery rate (i.e 6.37 tonnes of ore for each tonne of 6% spodumene concentrate). The recovery rate in traditional based processes is currently around 80% so if the LIT process can improve that to say greater than 95% you significantly reduce opex etc and further improve project economics. And if they can capture the byproducts then Bob's your uncle here given currently for spod mining you need to seperate processses (one plant for Li20) and then a completely seperate process through treating/mining tailings to get your other commodities like tantulum if present). Quite an exciting process.

Relating that to OHD, I suspect the pilot will be able to be integrated into a commercial plant through additions IMO to maximise commerciality (assuming OHD is economic) so should be able to be cash flow positive IMO. Right now I see the pilot more as providing the liquor for testing and selling excess product, if available, and obviously based on an assumption it is cost competitive.

All IMO.