Full Sop of the Control Transaction from JRO, page-24

I'm not sure that there is much profit in 'onselling' unless it comes at the expense of AJM. I had a look at concentrate prices from the recent quarterlies. From my notes,

• ORE: US$13,653/t (FOB) for Li2CO3, record prices. Price increase outside China, domestic drop due to subsidy changes [7/18]
• NEO: 6% LiO2: US$960/t CIF (7/18)
• GXY: Record prices (they don't offer a sales price perhaps to hide costs). China price Li2CO3 drop partly due to offloading of inventories to market in preparation of new production lines due to subsidy changes pushing to higher energy densities. Expecting H2 2018 to recover strongly on seasonal EV sales [7/18]
• TAW: US$880/t fixed for some time (7/18)
• Mineral Intelligence averages for May: 6% LiO2 US$870, Li2CO3: US$17,088, LiOH: US$19,838, Price outside China increase, Li2CO3 domestic drop [5/18]

We should get a minimum of US$850+ for 6% concentrate. Ideally $900+ especially if Lionergy want to maintain some sort of preferential treatment for any future offtake production. JRO really don't have much margin to make money off AJM via 'onselling' unless AJM accepts some below average offtake price. I don't see AJM accepting anything of the sort.

I did note that in many of the quarterlies, the companies are expecting a strong recovery in H2.