Short-term downside over FY23-24, until we move to phase 2 with...

Short-term downside over FY23-24, until we move to phase 2 with hydroxide. If we're financially viable with the spot price this low, and the output reduced, we have a very low baseline and a much higher upside which isn't baked in.

Another thing which hasn't been mentioned here is "Approval for 4,200 tpd production will be sought from the authorities during 2022". Currently projections are using 3,800 tpd which have already been approved.

SYA should be in a great position 2025 once the PLL deal wanes off and Moblan is also in swing.