Day to Day SP Discussion, page-26

The economy will always follow boom and bust periods, that's just the way it works.

Boom times see a lot of cowboys from different industries looking at lithium or any industry with already large growth prospects as a cash cow. IE set up a company, do an IPO, eat away at the capital raised through a management fee with nothing but hopes and dreams for investors. Its worse for exploration than it would be if they hold a resource and are just trying to get it to market. Because its easier to hide poor management in exploration than it is in getting a resource into a product.

Bust times see cowboys leave, investors pockets empty with them scratching their heads. Only the strong survive.... We will have less competition if businesses close their doors but are they really competition when they would have never started running anyway? Its more business' like PLS and GXY that have product that businesses will need but cant sell it at the moment, or at least for a price that gives them a profit.

IMO a business needs the trifecta:

Management with a proven track record - most of INR's board have been in Rio at some point in time or if not have years of experience in their role. Management with a clue on how to do something because they have done it before is one of if not the most important component of a business.

Lowest cost to produce - if you cant produce it at a profit no one can, an it doesnt matter what someone else is producing it for you will still make money, why? Because you can produce it at a lower cost

Location - investors underestimate the importance of a business location - location determines 1) if you have necessary materials and workforce to support bring a product to market, how safe the business location is, how stable the government is, what taxes will eat at an EBITDA that looks healthy and may not so if corporate tax is say 40%. Royalties etc..... and a government that has policies that support business in the area!

This is why INR will see it through.