Ann: BINDING SPODUMENE CONCENTRATE AGREEMENTS, page-2

BINDING SPODUMENE CONCENTRATE AGREEMENTS SIGNED WITH MAJOR CHINESE OFFTAKERS

•   GMM has sold 60,000 tonnes (minimum 5.5% Li2O) of Mt Cattlin spodumene concentrate for 2016 delivery for a confirmed price of USD $600/t (FOB)
  
  
•   50% of total order (USD $18m) to be paid up front, cash due to GMM by 31 March 2016
  
  
•   Binding commitment for 120,000 tonnes 2017 delivery, order subject to final agreed price in Q4 2016
  
  
•   Maiden shipment July/August 2016
  
  
•   Total expected minimum 2016 production 65,000 tonnes,
  further negotiations well underway for sale of remaining tonnes
  
  
•   The signing of these binding off take agreements highlights
  the strong level of demand from customers for Mt Cattlin production, and confirms the robust market for lithium globally