Ann: New short-term Offtake Agreement for initial ramp-up volumes, page-107

For what its worth I found this history statement around Bikita Mine that Sinomine International now own. The third bullet point notes the Spod iron content at Bikita is high.

One possible theory around this offtake's rationale - It could be that Sinomine need ore that has a lower iron grade that they can blend with the higher iron product that they are getting from Bikita. While LTR are commissioning, they may have more variability around lithium grades but know from their test work that if required they can produce a low iron product. If Sinomine are getting a whole pile of high iron product from Bikita, they would potentially jump at the chance to blend in a lower iron product, even if it is more variable in its lithium grade. Your classic win-win scenario as LTR can focus on getting flotation working and meeting the product spec's of its 3 main offtake customers while still selling everything they produce, at least why they ensure any lower lithium spec product has low iron levels.

Sinomine would then blend this lower iron KV ore with Bikita's high iron and have a mid-iron product that performs better in processing to Hydroxide / Carbonate than what they get directly from Bikita.