Ann: The new Chilean National Lithium Policy, page-264

At the end of the day it's the low cost, first movers on lithium projects that will prevail. Salars with 4 players won't be environmentally viable - LPI is the first mover on the Maricunga and at least 5 years ahead of any competitors there. LPI also owns the water rights, and land holding for the evaporation ponds. Maricunga can't proceed without LPI. Additionally LPI has all the permits (CChEN, EIA, etc) for stage 1, no blessing from the government required.

Some salars that are half the size in Argentina with 6 players - 5 of them in exploration phase, this is an environmental catastrophe in the making if all 5 of them have evaporation ponds. There is also simply not enough flat land for the evaporation ponds, nor enough fresh water to facilitate that many players.

LPI might be a "junior" but it's a pretty safe bet in the lithium triangle. My discussions with management, and this is publicly available information, we can execute finance and offtake deal tomorrow. But as you pointed out, LPI is weighing all the options and aligning the right partners. Frustrating as HECK as I am a long-term investor in LPI. This is the investing game I guess.