Ann: Binding Offtake Agreement Signed with Volkswagen Group, page-52

“...Surely management and shareholders had enough incentive to get to production without VW?...” Well yes, one would certainly have thought so. But even after having the production output fully sold (plus drill rigs purchased and en-route, a demo plant operating, samples extracted, a pilot plant in construction, a DFS underway), the soft-bashers still arrive to the dock as the ship sails away to suggest the company is still “no closer to production”.

Here’s my prediction: “serious conversations with funding partners” will be a non-event. With all of production effectively pre-sold to top tier clients at market rates for the first five years, in a (unanimously forecasted) scarcity of supply environment, the funders will be tripping over themselves.

And another prediction: Francis is going to keep a tight lid on the technical details and unique proprietary DLE processes for as long as possible, and right through the build out phase too. The clients will get their scaled up samples: they’ll know the process works. But competitors will just have to work it all out for themselves.