I agree with points 1 & 2 but perhaps not 3. I think there would have been positive feedback from potential customers but I don't think it's a foregone conclusion that an offtake is waiting to be signed and announced although I would love that to be the case. The production plant (formally known as Prince or the pilot plant) will be kicking off in the near future. My guess is this will be to start to produce HPA immediately (although on a smaller scale) for either an offtake party if there is one ready to sign or to continue to produce samples for customers.
Once this binding term sheet is signed there's probably still another month or two of getting the final agreements settled. In parallel, the FEED should start followed by the FID once the final docs are ready to go. If an offtake was announced this agreement would be conditional on the FID proceeding to production.
The financing risk will be gone which is huge. I would also think it may make financing for other HPA hopefuls more difficult given there will now be a new large competitor entering the market.
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