Hi Whisky, good discussions. Never hurts to be aware of what’s...

Hi Whisky, good discussions. Never hurts to be aware of what’s happening elsewhere in the sector. AGY seem to be doing good things and I respect that they’ve stated very consistently and publicly that they are concentrating on improving their grades.

This is the problem that virtually all the brine producers have. But once again demonstrated that during operation and proving up their pilot plant that only 15% of the LCE they produced is barely battery grade. Surely they would have wanted to run the plant as optimally as possible. And that is the best they could achieve.

ORE’s planned “finishing plant” if you will. For conversion of low grade Carbonate to Battery Grade Hydroxide. - Is the opportunity for LPD and why this discussion remains relevant to this thread. LPD could do that, quick leach times, high throughout, skim a healthy margin.

This processing game all all seems to be a trade off between quantity and quality and the point of equilibrium to maximise profit. ORE’s equilibrium is at very low quality/higher output and reading between the lines I’d say AGY are similar....

It all looks good on paper with brines, till it rains or is unseasonably cool. Plus the overly complicated, ever changing chemistries and serious ramp up issues. Add to that the final/finishing process costs that lack transparency for the actual and effective OPEX. ORE are the only modern producer to have “made it”. The road map has been laid bare. Look at their past and you can predict the future. = Low grades + additional processing opportunities (LPD?).

But that would be down the road a bit, greater margins in our own feedstock for now.

Funding - My $2 bet. 50/50 tolling GXY and Alvarroes. Full debt facility with GXY. Offtake through Mitsubishi to LG Chem. With a decent little prepayment, GXY providing the balance. But that’s the big question we’re all waiting with baited breath for eh?