Spot on Gvan
Just to add slightly to the story; the Vulcan-Stellantis offtake deal was followed by Stellantis acquiring an 8% stake in Vulcan to become the second largest shareholder on the register.
Importantly, this stake was acquired at a 32% premium to the previous closing share price. Not the typical discounted share capital raise to sophs & retail that we often see Directors issue.
Given Mark's track record on avoiding unnecessary dilution and the heightened commentary from Simon Moores and the Benchmark Minerals team about OEMs needing to vertically integrate upstream to own the mines to secure offtake. I wouldn't be surprised if Mark has been approached from one or more offtake partner to consider such an investment. Something to keep an eye on and we know VW is certainly cashed up post the IPO from Porche and Stellantis certainly have form in this area.
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