Ann: Sconi Project Offtake Agreement with SK Innovation, page-253

I've just read the announcement again and it seems to me that this arrangement could go on forever without lock in.

The first critical date, as discussed, is 31 October. SKI can walk away then, as it could have on 30 Sep, if it just decides it wants to (i.e. same terms as 6 Aug agreement, other than extension to 31 Oct).

That may or may not happen. We just don't know.

But even if SKI sends the prepayment letter, the LFA (now called the 'Offtake Agreement') is still not finalized if Condition Precedent 1 is not met.

And Condition Precedent 1 will not be met by 31 Oct and the company is not confident that it can be met by 31 Jan 20, otherwise it would not have provided an option for the 'further period of 3 months (to 30 April 2020) for the remaining financing for the Sconi Project to be secured'.

If and when 30 Apr comes without financing being secured, then the LFA is still not finalized and it could be extended - for another 3 months...another 12 months....more?

How will alternate battery tech be going by then?

The announcement tells me that the potential financiers are sitting on the sidelines - perhaps its a watch and wait to see what happens with the metals prices and EV demand - to get to their required risk comfort zones. Meanwhile, the SKI-AUZ arrangements can keep churning out the 'carrots'.