Ann: Yibin Tianyi Withdraw FIRB Application, page-651

Spot on - the point of my post. There is significant upside here in proven and probable ore reserves (obviously assuming spodumene price is favourable). There is also significant upside potential on reducing costs. All in all, my view is simply they just did the pit design and modelling to ensure had sufficient reserves to underpin a 4.5 mtpa for 20 years to allow the release of the DFS, and basically stopped there. With floatation for example, when it is retrofitted I suspect they would also be reducing high grading as well, meaning some resource not considered an 'ore' would become 'reserve ore' etc etc.

I guess if they wanted to further bed down the DFS they would have needed more time, like drilling the 'pit floor' and then I suspect some here will be talking about 'broken deadlines' again etc etc. AVZ did what they needed to do to get out a DFS and show the project is profitable with upside potential (including undertaking sensitivity analysis which they did around spodumene prices in the DFS etc).

Anyway the point is there is upside potential in the DFS, obviously provided EV demand condition remain favourable etc etc. If EV demand forecasts don't eventuate the DFS becomes 'academic only'.

All IMO