Questions and concerns to raise at the EGM on July 17th, 2023, page-84

Our CEO has mentioned on a number of occasions (including today) that although he would have no trouble selling spod in the current market, he thinks that SYA would be best served by a more strategic arrangement with a player that could help take us to the next step (chemical refining).

As he keeps repeating this, we assume that he is legit pursuing this strategy and that such an arrangement would be more complex than a simple OTA, which accounts for why it's taking so long to nut one out. So we are not expecting prepayment on an offtake specifically, more that we think the offtaker will be someone who will be prepared to help fund a future refinery in order to secure a very long term supply.