Ann: Corporate update, page-209

Assuming ESS goes the way of CXO and LTR with multiple off-take agreements, the first one is key. IMO it has to be an established major entity with currently built Hydroxide capacity, is currently making and producing batteries or is a substantial OEM that is looking to secure lithium supplies for an upcoming conversion to EV's. There are a lot of companies that meet this definition but Livista Energy isn't one.

ESS's first off-take is a precursor to looking to raise probably over A$100m (if the plant involves floatation). To do that requires the market to have complete confidence that the purchaser will deliver on its side of the off-take deal. Quite frankly I can't see how you can achieve that if the off-take was signed with a start-up. You can sign off-takes with start-up's when in production, a 3rd off-take could be with a start-up (but probably not the 2nd).

I think Livista will also need the timeline to production certainty that would come from an offtake from one of the existing in-production operations that is looking to expand and will therefore have additional supply.