Ann: Green Iron Production Pathway Update, page-62

I think they’ll keep discussions going with Anglo and things will advance further once they can provide them their pig iron/HBI product samples. I believe it would relate to exports of a portion of these green steel products to Japan/South Korea.

But they have indicated they are primarily planning to sell domestically and it would make sense given their logistical advantages just to sell those directly to domestic customers and not involve Anglo in those transactions.

So in my opinion at a minimum they might be eyeing an offtake with Anglo of say 20% of their planned green steel product output for overseas export and then keep the majority of supply open for discussions with domestic customers. They may negotiate this in coming weeks non-exclusively now though.

Of course they may just be keeping their cards close to the chest with Anglo and have something even bigger like offtake/JV/funding in store. It’s really hard to say.

Either way, Dano doesn’t seem like he’s just gonna sit on the BV opportunity while major US infrastructure spending comes online, I think he means business and as soon as we get something firmed up with Anglo and/or other partners in the near term it’s gonna lead to some major upside from where our market cap is now.