Ann: Binding Offtake Agreement signed with Traxys, page-121

Couple of subtle points.

25 wmt extra will exceed available capacity in year 1. I assume they will deliver the minimum KRM (least margin product) and fill that once spare capacity avails. This would provide an uplift in revenue.

As processing increases, TRaxys will take up to 50% of 130wmt - that is 65wmt p.a

There is no Opaque BOA coming as this is now included as part of Traxys.

There is however still the Zircon replacement product which can be targetted direct to Opaque.

This agreement took almost 8 months, but it was delivered and exceeded expectations.

Now, we go back to our normal state - waiting - but this time for debt funding. I'm getting good at waiting.