Ann: Binding Graphite Offtake Agreement Signed with Traxys, page-80

The binding agreement should help get funding and hopefully knock off some of the conditions precedent..

What i don't get here is Traxys are a rare earths broker and simply on-sell ( they don't produce product themselves as i understand them). The question i have here is why would they enter into a future market rate agreement - where's the margin for them if they have to buy at market then sell at market as a commodities trader ?

Seems less of an off-take agreement and more like a sales broker agreement with some lipstick on it hence the ' we are partnering comment.

If it was an off-take in its purest form wouldn't they of agreed a spot price with agreed capped escalation costs to be agreed 2024?

Just my opinion.