Ann: Scoping Study for a Demonstration Plant at Lake Way, page-5

Impressed by some of the progress here. Making headway towards production which is a strong positive and costings also positive.

Good SP rebound today so managing to maintain good investment support.

Downside is still around some technicals like flow rates, distribution of tenements, brine concentrations, (need for) formal reserve & offtake. Existing MOU (for 50%) needs be converted to 100% formal contracted offtake of initial production to be any chance of finance. Otherwise all equity.

But could be second in the running now towards commercial quantities of production which is big step if achievable.