Thanks, Cornergrinders for posting this.  

Lots of things in this release to take note of, but some that struck my attention immediately were:

• Based on the latest construction schedule, which assumes a reduced workforce at site in accordance with COVID-19 protocols throughout construction, the Company expects first production in mid-2022.
• In H1 2021, the Jujuy Energia y Mineria Sociedad del Estado (“JEMSE”), a company owned by the Government of Jujuy province, is expected to complete the exercise of its 2012 participation right, at which point it will receive and hold an 8.5% interest in Caucharí-Olaroz.

• The process testing facility in Reno, Nevada, continues to operate with enhanced COVID-19 protocols in place and has produced over 15,000 kg of lithium sulphate solution.
• The Company continues to evaluate partnership and financing opportunities for Thacker Pass, including the possibility of a joint venture partner.
• The Company contemplates that the feasibility study will include an initial production capacity greater than 20,000 tonnes per annum of lithium carbonate equivalent previously considered.  Based on ongoing discussions with potential partners and customers, the Company expects that a finalized development plan and timeline of the related feasibility study will be determined as the prospective commercial arrangements are advanced.

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So, the time line is moved to "mid-2022" for Cauchari-Olaroz.  OK, I see the Corona virus factor, but it still is a move of the goal post, again.  This will slow the time before revenue starts coming in and remember that the revenue from Cauchari-Olaroz is supposed to help apply toward the development of Thacker Pass, so we are going to see a ripple effect on the timeline for Thacker Pass unless a "Sugar Daddy" can be found in the interim for Thacker Pass.  This just increases the importance of obtaining a Strategic Partner for Thacker Pass.

What does JEMSE's 8 1/2 % do to the previously stated 49% interest of LAC at Cauchari-Olaroz?  On the face of it must reside a dilution effect.

Really, this is all we learn about the Reno "process testing facility"?  15,000 Kilograms of "lithium sulphate" and advanced COVID-19 protocols?  I don't care whether they spell it "sulphate" or "sulfate", the core issue for me is still going to be:  What advances in extraction techniques of lithium have been discovered at the "process testing facility" above and beyone those anticipated back when the 2018 PFS was released.  Exactly what progress has been achieved over and above where we started?  What impreovements have been made in what will now be the final processing of lithum clay at the proposed Thacker Pass facility.  Telling me that 15,00 Kg of lithium sulphate has been produced is just a "misdirection play" in this football game where the goal posts keep getting moved back further and further.  

I am glad to see that the company "contemplates" a greater than previously expected production of LCE will be included in the DFS, however the statement that "will be determined as the prospective commercial arrangements are advanced" in reference to the release of the DFS is just corporate double talk for "We ain't gonna tell you when we will release this DFS", in my opinion.  OK, I know that the company is going to use the same "COVID-19" argument for the further delay in releasing the DFS, they just haven't gone there yet, but they will.  

The COVID-19 situation has had a real impact on all phases leading to the successful  conclusion of both the Cauchari-Olaroz facility and for the future Thacker Pass facility.  There isn't any doubt about that to investors,.  That doesn't particularly ease the frustration of seeing a moving target for timelines regarding both of these endeavors.  When contemplating timelines in reference to LAC I am always reminded of the Department of Defense contracts with companies that are in the defense industry and how they always extend repeatedly the timeline for finishing whatever product it is that they are building for the Department of Defense.  

The good news is that things are moving forward at Cauchari-Olaroz and for Thacker Pass.  I should qualify the Thacker Pass situation since we have 2 law suits in progress over Thacker Pass, but I would suppose that most of us feel that those legal hurdles will be successfully overcome in the long view of things.

It has been a long, long journey and we are not at the promised land just yet.  Onward through the FOG!

Okiedo