Ann: Altech - Silumina Anodes DFS Additional Information, page-21

The podcast left me with a key takeaway:
Cerenergy is currently in advanced negotiations with two major German utility providers for offtake agreements.
As I've previously argued, it seems quite logical that Iggy would secure such an agreement with a power company before unveiling the DFS.
The reason behind this approach is clear to me – the DFS for Cerenergy demands a precise and solid revenue figure, unlike the uncertain estimates we've seen with Silumina Anodes or the scepticism from Macquarie regarding the pricing of HPA.
Altech's urgency in seeking finance further underscores the need for a fixed revenue number to unlock government grants and secure bank or green bond financing.
Although we haven't received updates on the two prototype Cerenergy Batteries since October 24th, I'm assuming significant progress has been made.
My understanding is the power companies involved in the offtake negotiations lack the infrastructure for thorough battery testing, while Fraunhofer boasts comprehensive testing facilities.
Their capability to offer a web portal for real-time monitoring and historical results could provide an attractive option for the winning offtaker.
Iggy's stance on signing an offtake agreement subject to successful testing introduces a risk or opportunity, depending on one's viewpoint.
IMO Iggy's will be happy to carry out a share placement to the successful offtaker at almost any price, prioritising funding over concerns about share price or dilution for existing shareholders.
This makes me think the market is already factoring in Iggy's strategic decisions and priorities into its current valuation.