General discussion, page-3811

There are quite a few announcements due for Leo.

The big one would be Ganfeng organising the loan. As I posted before, I very much doubt an US18b company would have any problems getting a $120m loan especially when you look at the IRR etc in the DFS. I wouldn't be surprised if they wait for listing for this one, the joint debt would need to be included in the Prospectus - much easier for them to ask Ganfeng to hold off signing for a few weeks.

They originally said the loan would be anticipated 4 months after the FID. The unofficial FID was Jan 4, officially on March 22.

I think you also need to consider the Lithium space today is very different to when we signed the JV term sheet last June. Li prices have gone up 5 fold in that time, with hindsight Ganfeng got a very good deal. They want this to be developed as big as possible and as quickly as possible (to use Mike's words)

We also have the award of the EPC contractor. Almost certainly going to be Lycopodium who Simon said are just completing one project & would be able to move over to ours. Mike said in March to expect "full blown" construction next Q (now this Q) so I'd expect that announcement shortly.

Then there's the announcement about the Board composition. This would need to be announced before we see the (full) Prospectus.

Then there's the award for the tenders on the long lead items, Ball Mill etc.

It will take a while for the infill drilling to be incorporated into an updated Reserve report, and even longer to extend the Resource. It's a 2 year drilling program so I'm not expecting too much on that front.

Of corse now our project is underway, expect some progress reports.

With the ASIC/ASX delay with our Notice of Meeting, I wouldn't be surprised if they just incorporate the demerger into the AGM scheduled for May 27. If for example it was released tomorrow, the earliest they could have a meeting would be May 18.