Ann: Cabinet Approval of SML Application for Ngualla Project, page-79

Offtake isn't as critical for PEK because they go through the whole refining process to produce the NPDR oxide. Its not like they have some sort of halfway product which then needs to be offloaded to someone else to turn it into the oxide in the first place which is what a lot of the other miners have to deal with. They also don't need to fund any further drilling and no further feasibility studies. The variation on their estimates is in the highest confidence band already, the main influencer is the oxide price and we all know how that's been going since the BFS. I'd actually hope they are prudent and ask for a premium for their supply since they can guarantee it with more confidence since they control the process end to end. The capital spend is also quite small in the scheme of things given you get a refinery and a mining operation at the same time. The biggest hurdle with PEK has always been the SML the rest already looks like a go. Throw in a discount due to jurisdiction though, but I actually though given the political nature of the rare earths we may have seen some other strange conditions thrown into the SML. Its great to see it relatively clean.