We have a binding offtake agreement for 100% of phase one production with Glencore.
This basically means no other entity has any kind of interest in providing funding for phase 1, as they won't get the goods.
So, neither Toyota nor anyone else will make any offer to fund phase 1. Glencore has the upper hand all the way. We have literally given them the stick to beat us up.
How did JP not see that? He made I worse by spending all the cash left.
Ann: $19.5m Raising to Fund Ongoing Development of HMW Phase 1, page-95
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