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Lepidico - Chair's Address to Shareholders

The completion of the Definitive Feasibility Study for the vertically integrated Phase 1 Project in May 2020 is the culmination of six years of research, development and study work and represents a significant deliverable in Lepidico’s strategy to become a globally significant lithium chemical producer.

Importantly, this milestone was reached while maintaining our zero harm health, safety and environmental track-record.

The backdrop to these achievements was clouded by continued weak market conditions for both lithium chemical prices and lithium equities throughout most of fiscal 2020. However, chemical prices now appear to have stabilised, albeit at what appears to be around cyclical low levels. The medium to longterm outlook for lithium prices remains strong.

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