Resource calculation, page-33

Hard one to answer, but let's start from the fact Greenbushes controlled 30% of the market, the rest been brine in 2015, google greenbushes market share etc. Since then new production has come from other hard rock plays and demand is growing. With hard rock been preferred to brine it is really about market share in hard rock. So when PLS, AJM come on stream etc and assuming AVZ starts at 10 mtpa ore feed, as a gut feel probably looking at 10% to 15% of global production in 2021, but probably more than 20% hard rock production. The 400,000 tonnes in your post is I presume LCE equivalent, but i expect AVZ to be supplying in its first few years 2,000,000 tonnes of 6% spodumene concentrate equivalent. Now, if you go back to the first sentence, can AVZ be like Greenbushes, the answer is yes and bigger. The real question is can the market absorb its development scenario which is start up 5mtpa to 10mtpa ore feed initial, which is the key to project economics as I posted in the past. The answer to that question IMO is also yes, so once established it is about scope for expansion, but we are looking at a Greenbushes scenario here, but bigger. All IMO, but if others have thoughts please share.