Keith Explanation Proactive, page-2

Thank you for this. Unfortunately my most crucial question was not really answered.

I believe annual production can be easily doubled or tripled later on. I am not worried about it at all. If we have enough money for that from making good profit - or if VW give us some few hundreds million change and take-off contract. Sure there is Cínovec town on surface and we can't completely wipe it out to get 100% of the resource like Pilbara Minerals in the middle of nowhere. But the increase potential is huge regardless.

What I am worried about is production cost increase which was only very partially answered - on example of SQM which went from 2000 to 3000 (50% up). For EMH on the charts where EMH itself put their price against SQM (2000/3000) it went up from 1500 to 3500 (133% up). In other words from 500 below the SQM price to 500 above. Maybe the charts are wrong, maybe there was never chance to produce with total cost 1500 per ton, but I never heard that from management. Because they never bothered to explain the costs of L-Max they calculated for PFS to compare it with roasting. And I do listen. In the way it is presented 3500 might become 4500 next year without management blinking an eye.

Yes, we should be focused on what are our numbers relative to the rest of market. We are now already more costly than brine production which can any time within next ten years flood the market with cheap lithium product and take the price way below 10 thousand dollars per ton. And at that stage every 100 will count.