Ann: Yibin Tianyi Offtake and Prepayment, page-56

I have been a L/T shareholder and so have been through a number of ups and downs. Whilst any contract for additional sales is welcome I can remember when PLS customers did not fulfil their contract obligations and PLS was not able to do anything practical by way of compensation. It was an almost a near death experience for PLS.
I would have liked the new/amended agreement to have included some detail on the minimum floor price having been raised from what I would imagine was a pretty low minimum price in March 2020 as well as what practical financial penalties are in place if the quantity contracted is not taken ie minimise risk.
Getting $15M up front smells of desperation to me, not of a company that shouts it is the "largest independent hard rock lithium mining and processing operation in the world with customer offtake capacity".
Don't get me wrong I'm happy with the way things are moving but I'm concerned PLS is not being brave enough in its negotiations.
PLS has additional muscle it can use in terms of the environmental impact of its operations as I think Chilean miners will have problems in the future showing it's water use is sustainable. BMW is already carrying out research to decide where its mineral requirements should come from to ensure sustainability and is due to get the information it needs early next year if my memory serves me correctly