Ann: Trading Halt, page-55

The longer term lithium market will be different to the existing market which is monopolized by China. As it matures and the North American and European markets start producing upstream and downstream at scale, particularly the latter, pricing will be less dependent on the current system. They are talking about regional/jurisdictional markets with their own price parameters including ESG profiles etc. Participants will be looking for more price stability than the current bust/boom/bust market the industry is experiencing. It makes commercial sense to refine the current system.