General Discussion, page-1769

I am not suggesting there won't be some delays or budget over runs. But you are suggesting their expansion plans are (in your words) "pipe dreams" let alone the fact that you are literally discounting what is essentially already expanded this year (i.e. an almost doubling from 2023 capacity to 2024 capacity) and the additional capacity **definitely** coming online next year and 2026.

They have almost doubled capacity this year alone (not all produced but the capacity is now developed). They are now roughly at 75kt LCE capacity. My original post was quoting figures of even just 100kt LCE. Adding in just the first stage of Sal De Vida and Fenix expansions will put them at 100kt LCE. The SDV ponds are full. These two simple expansions are coming online. That is a fact.

So this is 100kt LCE in Argentinian brine absolutely coming online in the next year or two. Those margins are good even at 10k/t. Another fact. This is already 150% on top of full year 2023 capacity.

This excludes James Bay, Nemaska, Cauchari, Sal De Vida Stage 2, Olaroz Stage 3, Fenix Stage 3 - some of which are factually under construction already despite what you feel may be happening.

The facts are clear regardless of how you or I feel about management or even the market. I trade on facts and the facts I presented (not the factually incorrect feelings you present) are not priced in.

I have excluded conversion capacity coming online this year also.