Ann: Seymour Concentrate Produces Battery Grade Lithium Hydroxide, page-2

These recovery rates from spodumene concentrate to Hydroxide are good.

If you took 16.667t of SC6 and were to convert it into a theoretical 100% Li₂O product (with 100% recoveries) you would have 1t. If you then took that 1s of Li₂O and converted it to Hydroxide, you would have 2.809t. Your SC6 to Hydroxide conversion ratio (with no recovery losses) is 5.93x.

Within LTR's downstream scoping study of 11 Nov 2021 (page 20) their modelling was ~570kt of SC6 to become 86.4kt of Hydroxide. Their modelling assumption was that you needed ~6.60t of SC6 to get a ton of Hydroxide implying 89.8% recovery rates within the multiple steps of the conversion process. GT1 confirms that 90% is the industry standard so LTR was modelling "normal" recovery rates, as you would expect from that crew.

The test work that GT1 has done is showing the Seymour product was averaging over 94% recoveries in the test work. This indicates, and GT1 confirms that the Seymour ore remains on-track to meet if not exceed 90% recovery rates through to Hydroxide in a production scenario. This would be an excellent outcome and de-risks the poor refining recovery rate issue. It should make the Seymour ore desirable to Hydroxide plants (existing or proposed).