Ann: Restructure of Lithium Offtake Agreements, page-210

Hi Wilma I agree with most of what you say but with the following exceptions. In addition to the larger reserve, there would have been a need for successful conversion of the spod con to a saleable chemical product. The boys at the top end of town, like Tianqi are a fully integrated lithium operator, so in control of the whole process from pit to final product. A40's PFS premise was that somebody would buy it because it could attain 6 % Li20 and less than 1% Fe203 etc.

This was not verified.

The other thing you mention is the "low" debt. Why does nobody ever mention the actual number? Does anybody know? I don't but I'm not an accountant and I've seen some cash go out of the door which far exceeds the income. When does low debt become high debt?