Ann: Black Rock Signs Offtake and Investment MOU with POSCO, page-8

Although not entirely unexpected, this is huge for the company.

You see a lot of small cap market valuations out there built on pure ‘goodwill’ in either the board/management or concept with 5-10 years until such goodwill is monetized.

Today’s announcement reinforces that a global leader in anode production really has back our business model and short of taking over the company, is willing to continue to deploy capital to secure the offtake……with cash flow occurring in 2 years time!

With a theoretical targeted SP for FID equity of ~ 25 cents, some math below for the POSCO stake. I think it's more like USD30m to 19.9%