Ann: GAS PIPELINE EARLY WORKS AGREEMENT EXECUTED WITH APA, page-66

I think it's a reasonable naive approach to the V market. miners are price takers, not price setters so to think floor can bet set is ludicrous.

My experience in V has been driven 50/50 steel/VE.

There is simply no lithium EV moment for V that will result in the sustained price growth you are hoping for.

go do the numbers, they don't lie. V at the levels you talk suppress VRFB uptake. Hence the importance for financiers to have diversified revenue streams.

60/30/10% T/V/Fe is a far more desirous revenue proposition to any lender than 100% with some questionable product credits.

look forward to seeing the progress of both camps however I do expect, especially in this cost pressure environment, a swift move to production a unlikely for north camps