While the substantially higher margins available should the...

While the substantially higher margins available should the company
move downstream is very appealing, it is also appealing to the conservative
in me if the company simply decides to focus on becoming the largest
lithium producer in the world. Unquestionably, there is less risk in focusing
on continuing to do what you now have great expertise in doing.

Given some of the recent comments here, you would think that all the thousands
of decisions that need to be made and actions taken to move us through stages 2 and
3 are readily and easily digested. How many great companies have stumbled badly
because they spread themselves too thinly, both managerially and operationally.

I keep visualizing that chart recently posted here showing both the future demand curve
and supply curve. We have just had a taste of what is likely to happen in the years ahead.
My God, look how rapidly the price of spod. went from the high $400's to the low $600's.
While we will probably decide to go down both roads together, I would not be so upset
if we proceed more carefully and conservatively.