I could be wrong here but I thought the off-take agreements were structured to receive the WO3 at spot price, at time of shipping, with downside protection.
From the G6M website:
Tungsten concentrates are typically composed of scheelite and/or wolframite and contain 65-70% tungsten trioxide (WO3) and vendors of concentrate tend to receive c. 70%-80% of the value of the tungsten in the concentrate based on the prevailing APT price.
I am interested about how BNW got to $1.92 as well though?
Tungsten's Looming Price Spike., page-6
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