General Discussion Topics, page-118908

There's a boat full of SC5.5 from Pilbara (Port Headland) going to POSCO as we discuss the issue. As soon as it arrives, PLS will have fulfilled their option requirements, raising their stake in the JV to 30%.

Train 1 is up and ready to start initial runs. I'm 99% certain that they won't hit the mark on their first run, and it will take a while to ramp-up, but once up and running, Train 1 will require half the OTA (roughly 157,500 mt per annum, I believe). Train 2 is due to start production March of next year (only six months away), at which point the other half of the OTA will kick-in, Part of the OTA is that PLS will be the sole supplier of the JV refinery, and receives market price for the concentrate provided.

With regards to the question of the refinery at NAL, I would prefer for us to concentrate on getting Li2CO3 production up and running, ASAP. Two compelling reasons. First is the deal NAL made with Quebec. If we're not producing Carbonate by the end of 2026, we are, in theory, in violation of that agreement, with all sorts of (theoretical) bad consequences. Second, the duration of the OTA wth PLL is "life of mine or until Carbonate production." The sooner we're producing Carbonate, the sooner we can stop selling to PLL for $850-$900 per mt.

In addition to those two reasons, there's all the savings on transportation by shipping downstream concentrate, rather than SC6, the related ESG benefits, and by 2026, there will be a number of potential clients in North America, so that our product doesn't have to take the slow boat to China for us to get paid.

Just my opinion.

Best regards,