Ann: In Principle Finance Support from Australian ECA, page-44

Having a product is only one part of a business. it needs a market to sell into. What rnu has shown is that it has a tier 1 project and has 2 letters of support from the Australian and Netherlands Credit Agencies to finance the project approx 108 million. (60 percent by the Dutch ECA). Ultimately RNzu requires binding off-takes to satisfy these agencies. Rnu is required to validate that the graphite concentrate produced from the Sivior graphite mine can be utilized to manufacture purified spherical graphite for the EV market. This has been initially validated as announced on thev12th August 2020. Subsequently a non binding MOU has followed. HOWEVER, for binding agreements, the next step is to produce larger samples of the graphite concentrate for potential customers to verify that the graphite concentrate from the Sivior Mine can deliver purified spherical graphite repeatedly. By RNU taking the vertical integration approach with downstream value addition in the inclusion of a spherical graphite purification, the options for various markets. It can target the concentrate market and so be a direct provider of PSG - minimizing the requirement of battery makers to process and manufacture through a 3rd party.
1. Graphite from Sivior 2 Graphite Concentrate Processing Plant at site) 3.PSG (Processing at a different site). RNU can tap into all 3 markets but it will be most profitable if it can successfully produce it's own PSG as it's low concentrate cost will give it a market advantage. So the next step is additional validation tests to determine repeatability and optimization. Abibding off-take will follow. My only issue is why is this a 16 million MC? Is there an issue which is not known?