Chart, page-13505

@Thesi

- A new drilling contract award process for the first production wells has been initiated, with tendering anticipated in Q3 2019.
- Pond lining materials have been ordered and will be delivered to site shortly.Installation is to commence during the current quarter.
- Preliminary lithium extraction results have beenencouraging coming in higher than the existing base case flowsheet.

Direct extraction:

The way I'm viewing the situation, GXY have already expensed pond earth works (Pilot pond earthworks for the Sal de Vida Project completed). Under a DET scenario perhaps 15 hectares (already built) is more than sufficient, therefore substantially reducing the US$106.5m allocated under CAPEX?

- The main cost I see moving forward is the Lithium Carb Processing Plant (#showusyabatterygrade)@ US$86.1m. More than enough kanga floating around to knock this bad boy up.The project is modular, so SDV can be progressively built. The long the negotiations for a JV drag out the bigger the reward for share holders. What would share price do if..... say...... POSCO said hey ok you win, we now see the value in SDV (have all along, that why we purchased North off you), here is US$450m cash for 30% minority stake? Not sure if it will be POSCO, but I think it's a lot closer than people believe.