1) Your comments GLN and 2025GLN don't have a DFS yet, and it's...

1) Your comments GLN and 2025

GLN don't have a DFS yet, and it's not even clear what they will be producing. Good for you if you think GLN can build everything in 18 months (assuming they start in the next few months). You're concerned about LPI phase 2, but what's GLN's phase 2? They produce chloride then what? when's carbonate? What's the economics of chloride? Whos the customer? etc etc. What' the impact of chloride on the NPV? The economic study says Lithium Carbonate.

2) Phase 2?

Why are you so concerned about phase 2? Phase 1 is the focus and has fantastic economics on its own. The broad parameters and direction of phase 2 has been laid down. Cooperation with Codelco to fast track approvals, utilise strategic partnerships with Mitsui to develop tech to increase efficiency. They have these agreements and relationships in place but they are years away and not the current focus.

3) Phase 2 Expertise, DLE, Why LPI, Codelco?

Galan or LPI have no expertise or proven record of producing any lithium product at scale (though LPI is way ahead of GLN). I agree with you, no virtually no producer or explorer has expertise in DLE. Any company will need a third party to help with delivery of DLE (again, not the focus for a few years).

There are no details on the agreement with Mitsui, because there is no binding agreement - which they said to expect in the next 20 or days (i'd give it this quarter).

Codelco has a dysfunctional relationship with everyone on the salar. No other company would be any different. The fact is, Codelco have signed an MoU with LPI, and not with anyone else in place of LPI, as far as I know.

4) CCHEN/CEOL

Yes you are right, you do need BOTH CEOL and CCHEN for new concessions. The MOU with codelco outlines they want to use codelco's existing COEL/CCHEN that covers the whole salar to speed things up.