MIN now knows that it has to follow LTR's footsteps.LTR has a...

MIN now knows that it has to follow LTR's footsteps.

LTR has a new generation mine, completely brand new, with high technology and high ESG credentials, etc, etc. No need to tell more, we all know that.

Even the KV project is now shadowing Greenbushes mine, which is the largest and highest producing mine. When you compare area and facilities of KV project with Greenbushes, KV looks superior. They all know that. I mean the people in the lithium industry all know that.

Another very important point about LTR's downstream policy is this IMO;

LTR management realised that there was no point to invest a lot of money to a lithium hydroxide plant. Instead, LTR decided to work with Sumitomo and left all the work to them for making the study about the lithium hydroxide plant and LTR will be focusing on producing the lithium sulphide which is the mid range chemical which is easy to produce in the capacity of a mine. The leader in this matter is actually PLS.

Therefore we will stay away the future dangers and financial burden of producing lithium hydroxide.

I am 100% supporting this decision because I also don't think that lithium hydroxide has a great future in the battery chemical space.

There are other battery types with different chemistries which are on the way. They are not ready in commercial scale but they will be the mainstream batteries in the future I believe. No more than 5 years, at least one of them.

They are Solid State batteries and Lithium Sulphur batteries. They will be in the market sooner or later. And they both are doubling the energy density in comparison to nickel based batteries.

The big problem for both type of those batteries they form and accumulate chemical deposits in tree-like structures "dendrites" that spread from the lithium anode. Yes both of these battery types use lithium metal anode. And that means those batteries requires more lithium than nickel based batteries. It's also same for the LFP battery type. It doesn't have a lithium anode but it requires nearly 10-15% more lithium than NMC battery type.

Lithium hydroxide is a product which is dedicated to nickel based batteries NMC, NCA, (6-2-2 and 8-1-1) etc. That is a high energy battery but needs a lot of nickel and cobalt in the cathode.

Nickel based batteries can create fire because of the nickel's instability. However it has around 250Wh/kg energy density, which makes a 60kWh battery around 240kg. The LFP batteries are quite safe but have around 150kWh/kg energy density at best. So the drive range is being much less than a EV with NMC battery. However they are now being the mainstream because the cars are being cheaper with them.

Anyway, it's obvious to me that being strategically depending on lithium hydroxide would be a big mistake. Greenbushes partners both Tianqi-IGO JV and Albemarle now have their lithium hydroxide refineries in WA. And we know that many other are being built in China and around the world.

Even, maybe one day there will be an oversupply of lithium hydroxide in the world as there will be little usage of it.

Therefore I'm giving a big thumbs up LTR management once again.

When it comes to MIN, they are now talking about the same thing;

• "MIN is lobbying for government supportto build a plant producing a lithiumphosphate or sulphate material in WA afterpreviously being one of the loudest voices seeking backing for onshore lithiumhydroxide plants and a domestic battery making industry". Like LTR..!

• And now MIN wants to selldirectly to car makers,rather than batterymanufacturers andchemicals producers. Like LTR again..!

Welcome to the party MIN.

I hope they can manage to do what they want.

LTR is a unique company and now it's being the strategy leader of market even before starting production.