A few observationsFirstly very unlucky to get almost double the...

A few observations

Firstly very unlucky to get almost double the December average rainfall just as they were ramping up.

Finniss isn’t the 1st open pit mine in the tropics where they get torrential rainfall, I’m sure the problems will/have been addressed and won’t happen again.

December is 2 months ago now, I’d tend to think the announcement re dewatering & mining was very conservative re time frames.

This announcement was delayed, it’s not like 1st product & commissioning of the DMS plant has just started.

They are now producing “high quality spodumene concentrate” that will ultimately be sold.

The flow sheet is fairly simple, the crushing circuit has been operational for some time now, the DMS is tuned to the stage where it is now producing quality product, it should not take that long to ramp up to nameplate.

I noticed yesterday Sayona also announced first production, the difference being they use flotation which is more complex, they don’t anticipate producing the 1st saleable product till the end of March despite the plant having previously been in production years ago. We are already producing saleable product. For those complaining about management’s lack of disclosure - I notice PLL (SYA’s JV partner) haven’t even announced that milestone. Doesn’t make it right - but we’re not alone.

I’d prefer a management that under promises (announces) and over delivers, the main thing is they are competent & get the job done. I think they have done that, with saleable product produced in February when they announced 1st Half, which most would take to mean closer to June than February.