Ann: HMW Continues to Deliver With Positive Santa Barbara Results, page-35

I have muted mbot so can't see his posts. Just playing devil's advocate here, not having an off-take agreement in our case is likely a long term positive, but might also be the reason that we are not already higher than we are now. If we had secured binding off-takes by now this would signal 1. third party confidence that HMW is ready to meet near term demand, signalling lower execution risk and 2. alleviate financing risk pressures in a higher interest rate environment. While chloride might go a significant way into funding a medium-long term carbonate strategy, this hasn't been communicated by GLN, only by posters on HC. Having binding off-takes in exchange for equity investment could have put a "floor price" on our stock, and give tangible reference point for the market to see whether we're undervalued or overvalued. Again I believe from a company profitability perspective, no off-take serves the best long term. But from a share price performance perspective, this might be one of a few reasons why it has been supressed. Oh well, more time to accumulate!