External News & Commentary, page-21

The lithium market is coming along nicely. Oversupply is well and truly cooked as we now look at the supply crunch phase of the lithium market.

Albemarle buying 60% stake in Wodgina from Mineral Resources and putting it on hold and the Bolivia Government scrapping the JV with a German Company will see a strong short term drop in supply. This along with a few of other Aus companies are reducing shipments and delaying project expansions.

Reports also say US and Europe EV demand is on the increase. With Telsa showing this in the US having a great quarterly and reporting a profit (increase in EV sales).

With the above factors playing out we will see a strong increase in demand and limited new supply coming on (long term supply shortage). Would be good to see the project approved and ready to sell just as demand takes off.