We don't think SOI is the biggest weight on the SP. We think...

We don't think SOI is the biggest weight on the SP. We think it's because we are yet to know what we will be earning for the next few years.

Whilst the Piedmont deal limits a portion of our revenue for now, that will only be the case until our downstream conversion plant is up and running (due in approx 3 years), at which time the arrangement with Piedmont will alter, so that they only get a portion of whatever we don't use at that plant. So the expected PFS for that plant is obviously highly anticipated by holders.

More immediate revenue will be provided by the spodumene we sell outside of the Piedmont deal. We're aware of the offtake announcements elsewhere in the industry, some years before their production starts, and that has been part of our frustrations. We have to remember though that any offtake they negotatiate now can only run for 3 or so years, until the conversion plant is established. So the CEO did indicate last year that in light of that, rather than look for a customer willing to take a short term arrangement (everyone seems to be looking for long term security) it may be a better idea to tie up a larger, more strategic deal with an entity that could take our spodumene now and move to our converted chemicals later, possibly helping us with funding to build it. That's obviously got a lot more ingredients than a ham and cheese sandwich, so I assume takes a lot longer to prepare.

And that's why we're all keen to hear what Loui has discussed with Brett, so that we may get at least a hint of how that's going.