Ann: Arrowsmith North Updated BFS, page-208

OK, but that would be common - ASX commodity CEOs announcing initial MoU/term sheets as offtakes.
I mean, every ASX CEO is a marketer for their stock and "offtake" is a loosely defined expression. Legally binding and bankable offtake being rather more substantive. It is up to us to read the announcements carefully.

Anybody getting excited about "offtakes" before they are legally binding (and defined for price, delivery, quantity, quality et al, plus ready to be taken to the bank to support financing), is being overly hopeful, to be polite. And that seems to be half the problem with the complainers on these threads.

If you can't take it to the bank to get financing, you're at early days. MoU, term sheet, "offtake" used loosely are steps that represent little more than a mutual interest in perhaps coming to a future binding agreement. Though a term sheet would be somewhat more advanced than a MoU.

All as I see it.

I'm OK with the usual ASX hype. It is what it is. I'd be alarmed if BM was REALLY believing in a term sheet. As many here seem to have.

Apologies if that comes across as offensive, but what were you guys thinking? Expectations they'd convert to fully binding agreements being taken as guaranteed? Sorry, gambled on that and lost seems to be the biggest complaint on these threads. Caveat emptor.