permitting hearing Q1/23, page-3

Hi RodG75,

I'm very confident permits are not "if" but "when". Over the past 18 months or so there's been so much unfold that has significantly de-risked permits IMO. From the macro environment and recent critical materials act, positive stakeholder feedback to permits for others who it could be argued are much less critical to the success of the green transition.

To help address your question I'd encourage you to take a look at the investor preso issued 7th Oct and page 18. I'd say this sums it up well. TLG would use concentrate provided by others and turn it into active anode material. MT is reluctant to pursue that given we have an amazing resource that is a big piece of why our pie tastes good, but I'd guess its a worse case contingency plan. Others here are much more educated than I on the tech side and can likely add better value.

Good luck with your DD.

Cheers.