I would be surprised to see 100k tonnes anytime before the end of the decade. LAC is currently only permitted up to 60k tonnes LCE. To expand production for phase 2, they will need additional permits, approval to construct a rail line, and perhaps more water rights. The PFS indicated this step is expected 2nd quarter 2025. I expect this date will be pushed back based on the delays we have seen already; we are already at least 1 year behind schedule. Anyone have any idea how long it takes for an operating mine to get permits necessary for expansion? Is it fast tracked relative to initial permits?

AXP