MIN Ann, page-5

""And in about 26 months, we (together with MIN) will be entitled to 50% of the total production to feed our downstream procession plant...."

On this, I've noted a change in rhetoric in recent times. NMT have stopped talking about the 50% NMT/MIN offtake entitlement and instead only referred to their own share.

Also, some time back, Chris Reed did an interview with the Kalgoorlie Miner and stated that the refinery shortlist was narrowed down to Kwinana, Kalgoorlie and Port Hedland - which was the first indication of downstream processing from Wodgina.

And now, in this MIN release they openly talk about a refinery for Wodgina but they haven't mentioned any downstream processing from Mt Marion for some time - and they don't talk about a JV with NMT about it either. NMT's own presentations only talk about a JV with MIN for ELi, not for the conventional processing techniques they have rights to use from Ganfeng.

In the interview with the paper, Reed said the site determination would be announced 'In the December Quarter'.

I do hope that MIN are starting to realise the Lithium market has expectations that they be more open in their reporting. "We mined x tonnes and sent it to China" might be fine for disclosure for iron ore, but lithium watchers expect more. This release goes some fair way to address that, but they have more work yet to do.