You said: "Train 1 was opened at the end of November 2023. This...

You said: "Train 1 was opened at the end of November 2023. This is still listed as "in ramp up" 9 months after opening. It appears to be a slow process to get these plants going. Maybe not easy, just a slow process or having issues."

Just to clarify why it takes so long from plant completion to commencement of nameplate production - the final product (battery grade lithium hydroxide) is sent to potential customers for verification/ validation purposes which takes up to 12 months. This step is required BEFORE full production commences. It is not trouble with the plant per se, it is the time taken for the final product to be certified for consumption at the final customers facility/ies.

It appears a lot of players in the market fail to comprehend that battery grade product is a specialty chemical and not a simple commodity. We are not too far away from completion of product verification. At that time, PLS margins will improve as more spodumene product will be retained in the "internal system" rather than sold off to the Chinese. I bet the analysts have not factored this margin uplift in their models!!

Can't wait for the analysts to wipe the egg from the collective faces once the SK plant is up and running and the sales mix changes in our favour.