LRS General Discussion, page-16604

For Monty and @GARETH78

In relation to offtakes and the way these agreements price the spodumene, I just listened to the A11 Atlantic Lithium webinar update (link below). A11 is probably the closest comparison for LRS because they aren't in Australia, are currently in offtake negotiations lead by Macquarie Bank (same as us) they are planning production on a similar timeline to LRS (their main production won't start till 2026), and market caps are comparable ($245m for A11 but this is for 47% ownership so their market cap is currently >$500m).

Anyway here is my summary off the A11 offtake approach. They already have PLL signed up to 50% of their production and are currently in offtake negotiations with a number of parties and even though they only have 50% of their production to offer to offtake parties, A11 is still saying they are looking for $70m-$100m pre-payment.

@Monty2804 in the webinar the A11 CFO confirms that it doesn't matter where spod prices are now - offtake agreements mean you obtain the pricing at the time of the sale/delivery of spod (which will likely be very different in 2026 compared to today).

A11 Offtake summary: