Time for deals now, page-35

“There is no off take agreement” - by strict interpretation at the moment you’re correct. But what does it mean in the investor presentation when it says ... “CATL has indicated its willingness to provide commercial support to the Company by purchasing Pilbara Minerals’ spodumene concentrate product which may become available under its existing offtake agreements or otherwise ... Subject to mutual commercial agreement and parties entering into an offtake agreement”? Sounds to me like CATL are getting into the direct offtake market with PLS. What we don’t yet know is by what arrangement and how much. PLS is currently basically sold out of spod through to stage 2 ... does this mean CATL are keen to help fund the further expansion to stage 3? If that is the case, what does it mean for their remaining interest in AVZ.

The “under its existing offtake agreements” gives further clues ... seems to me that CATL are keen to mop up spod supply that other customers want held back while upgrading processing plants. If that assumption is correct (what otherwise could it mean?) then that further suggests to me that CATL is happy to take PLS spod and take it now.

If they start taking PLS spod now, will that mean they will invest in processing flows that are specified to PLS spod? Presumably they would - if so, would that mean that when they can eventually get our AVZ spod they will have already invested in process flows non-necessary for what we keep hearing is super high quality spod at Manono? I’d assume they’d still be happy to start taking AVZ spod at the right price but gee I’m starting to want AVZ more and more to get on with the show!

No pretending, I’ve got more in PLS than AVZ at the moment (well in dollar terms, not necessarily in number of shares though). For me I want to know more details of the CATL-PLS relationship so I can start to work out what it could mean, if anything, for near term/medium term connections of CATL with AVZ.