Ann: Talga and ACC graphite anode offtake update, page-192

A barometer for sentiment. The people are unhappy.

I understand the frustration. The 'shortly' announcement was 9 days ago. Not sure if 'shortly' still applies. The writing in the non-binding offtake was clear in saying Nov 30th was not guaranteed, but it still set everyone's expectations.

The first offtake is critical, Talga have said themselves they expect a signed offtake to be a key milestone in their financing pursuits. For this reason I don't see them throwing away a good deal because it's not "perfect".

Remlif had a very insightful comment where they talked about some of the tactics large companies will use when negotiating from a position of power. One tactic included pushing out timelines that are arbitrary for them, but materially important for the smaller company. It's unkind, but it makes sense. The buyers will know all about Talga's pending financing and that's leverage so I can see why negotiations may very difficult. Just my speculative opinion though.

Safe to assume Talga will want to begin work immediately after permits are granted to meet the 2024 production timeline? At a certain point there's no more kicking the can down the road and if they want to achieve their goals they will NEED the financing and the off-takes. If the permit hearing comes and goes without confirmation of offtakes/financing I will be wary. Until then, low stress.