Ann: ESR Strategic Partnership Agreement, page-29

No I don't know the company intimately but I guess their money would have been won through hard earned nickel mining over the years so I think they will have a more conservative attitude when it comes to spending it. When a company is used to earning its money through the difficult business of mining they learn to respect the value of money more and their shareholder base is often more conservative, as mining is generally regarded as less risky than exploration. My point is that if you hedge your bets between different commodities your focus is spread and the story to the market also becomes blurred.

People wanting lithium exposure don't want the distraction of the other commodities and trying to guess what commodity the company is really backing at any one time. If I want gold exposure there are plenty of places for me to look. Personally when it comes to lithium I'm looking for a pure boots and all lithium exploration/development story with the best chance I can see of success. Mincor are good operators and are making a transition to lithium but until they get the basis for a resource they will hedge their bets IMO. I see them as a perfectly investable company but for my own personal investment goals I'd prefer to have all my lithium money on ESR for the moment. Esh