I thought I would take a look into our new offtake partner. I...

I thought I would take a look into our new offtake partner. I was originally concerned that Transamine may have signed an MOU (as opposed to a binding offtake) with us to allow them to advertise that they have 50,000tpa available so they could use this to drum up additional trading business. After looking into their recent(ish) activity, they appear to be legitimate leaving me to conclude that I agree with one of the scenarios listed the other day by @wenty and leaning towards the lack of declared resources as the main reason the agreement is an MOU. Here's Transamine's trading history in summary (from what I could find):

	Year	Company	Detail
1	2009	CGG	A$25m and offtake
2	2010	DML	A$19m Investment and 100% offtake
3	2014	DML	A$2.8m Placement
4	2016	Vast Resources	Offtake
5	2017	Atalaya mining	US$14m prepayment and offtake
6	2018	Century Zinc	offtake
7	2018	Dundas Mining	100% Offtake
8	2018	CNM	$10m offtake loan
9	2018	KTC	US$9.5m Finance and offtake
10	2019	Raefella Resources	1.5m equity to acquire GTT, also included 100% offtake
11	2019	4CE	100% Offtake
12	2020	Rambler Metals	USD7m debt facility @7%
13	2020	CXO	Offtake

The only lithium play in the list was with KTC, and that was a tailings program, so it would appear that CXO is the first bonafide lithium offtake that Transamine has entered into (albeit non-binding). They have been prepared to invest large sums of money in the past into other ventures either by offtake, prepayment, placement, or finance, so it would appear that they could be a good partner to have - and being European is awesome for diversification of demand. 7% terms offered to Rambler Metals also seem to be reasonable for the industry, so perhaps they aren't extortionists either. I would have preferred that they take a stake in CXO through the CR, but it appears this is not the case - lets just hope that the new sophisticated investors don't dump straight away and all at once.

Good luck all, lets hope we see the CR documents tomorrow so we can know what we are looking at and get the stock back to trading. I hope the price holds up higher than the CR price and I think a few things will work in our favour for this to be achieved (momentum, improving sentiment, future announcements) but only time will tell. If I get the chance, I will be participating in the SPP.