Yes; this was raised at the AGM last year; however TO's respond...

Yes; this was raised at the AGM last year; however TO's respond at that time was that which I'll paraphrased, "We need to get Stage 1 up first with the planned processing rate of 2.5 mtpa for the first 4 years before upgrading it to a 4 mtpa readying it for Stage 2 expansion; it's this part that's require for the hydroxide processing currently planned for a 2029 start."



The Downstream PFS is currently underway; we may see some improvement over the DSS but I'm not holding my breath for an earlier start not because of cash flow constrain (should the current spod price becomes the norm) but perhaps more on skill labour shortage; however TO believes this shouldn't be a problem once the we have Stage 1 up and running.

As per the latest preso; Stage 1 is broken up into smaller works packages (to be responsible by different contractors) so that a delay for one part of the project would not be heavily hindered by another.