Agree that the resource is not the constraint, since we have it....

Agree that the resource is not the constraint, since we have it. I do think the market is waiting for the de-risking move from indicated to measured , although some can argue that it doesn’t really matter for brines.

Remember that only 60% of HMW indicated resource was used for current 20ktpa production rate.
I'd want to see DFS increase this %, no more conservative BS now.

If we are going down chloride path, water wont be so much of constraint compared to carbonate path. Logistics, we have roads already there, and both Livent and POSCO have airstrips we could kindly borrow.

For me, I would be looking for results of the pumping tests & geophysics which can support a 30-40ktpa production rate for HMW and DFS to incorporate higher % of resource.

The long awaited DFS should reveal all. We are behind schedule on some things already. Attached slide from December 2021 preso.