Yes it is great news but just a couple of points: the approval...

Yes it is great news but just a couple of points:

• the approval is from the national government, Quebec province is still to approve, with I think a meeting of the Cree people scheduled for next week being one of the final steps in that process. I think Quebec province has given money for drilling to Cygnus and they certainly are part owners of two big lithium projects so they I think they will not be looking to block the James Bay project.

• Once the project has both national and provincial approval Allkem then have to apply for land use and mining permits.

• Only then can they move into developing the project. I'd be interesting if Allkem gives an updated time for when they think they will be producing ore at James Bay, currently they say they are shooting for the end of calendar 2024, maybe sliding into 2025.

• Allkem (well actually Galaxy) began the environmental approval process in 2017. For companies like Cygnus and Winsome need to set themselves for a long hard slog to get through the permitting process.

Also be interesting to see if and when Allkem brings in any offtake or equity partners for the project. At their Olaroz project in Argentina and their Nahara downstream project in Japan they work with Toyota Tsusho. Of course what is of more direct interest to Cygnus is what the arrangement will be for the downstream processing at James Bay (that Cygnus has flagged they might want to use). It may be that Allkem and perhaps Toyota Tsusho build a sulphide plant at James Bay and a hydroxide plant down south closer to the battery factories - lithium hydroxide can degrade if it is stored for any length of time apparently.