Few points, I found interesting, while scanning the document. It is unusually detailed. I wish, other companies would follow the rules the same way, LAC does.

• Production in Q3, probably limited volume of “dirty lithium” to be later “polished” in China
• Promise of full scale operation from 2024 of a battery grade material. Likely bit ambiguous, but LAC would run out of money so they better get moving.
• It is about a time to update the P&L model. I am just not sure, at what level will be Minera Exar be “consolidated” into LAC? Are they going to sell product at some variable costs +x% of profit to LAC and Ganfeng? Or will just sell it all from Argentina and each party gets just its share of retain earnings? Considering the financial mess down there, it would probably be better to sell LAC/Ganfeng at costs + some minimal profit and keep the money outside. Any clue about how it may work?
• Evans costs the company 700k/year plus probably some options, rest of the management gets $200-$400k/year, the director of Minera Exar “just” 70k bonus, board members split 300k/year.
• I was in shock to see on the CF statement, that LAC only got 190 mil in bank. But LAC bought short term government papers, not to keep too much in the bank. So to your query Cal, LAC mitigate the bank risk by shovelling money into an investment account. But still, the deal with GM was not a power play of LAC, they just had to do it to stay solvent in the future.
• Evans thinks big, but the dreams and acquisitions cost lot of money and because of that he “gave away” 20% of LAC North America on relatively miserable terms. As someone mentioned here, GM is just slightly better than my favourite pathological liar. But still $21/share definitely was not great deal.
• Out of the risks, mentioned (quite long chapter), I strongly believe is the “acquisition risk” the biggest. They are trying to consolidate too many operations prior actually having any operating cashflow to cover the associated costs.
• Right after is the collapse of Lithium market
• Overall, reading the “Risk” section, I came to the conclusion that I would have been better off to sell this damn company 6 months ago for 35/share. Now I can hardly sleep, just waiting for the company to collapse on something. And they don’t plan to pay any dividend as far as they can see into the future.

 The financials are also quite entertaining. I am impressed, that LAC provides comments practically on every single line. The CFO must really enjoy himself. But reading that, must wait. Enough English for today :-)