Ann: First Customer Binding Offtake Signed for Great White, page-166

Interesting.  This is a DSO LOI customer being converted over to a higher-value wet-processed product.

The LOI signed in 2019 for Yamada was actually for an unprocessed Direct-Shipped Ore product - that means no processing (either dry or wet). LOI signed in 2019:



The Binding Offtake announced today is for 5,000 tonnes of a wet processed product ( much greater value than the unprocessed DSO the customer was originally interested in). DSO is around 50% sand.

So this is the first case of a DSO LOI customer being converted over to a higher-value wet-processed product.

ADN has in hand 405,000 tonnes of DSO LOIs, many I expect will be competing with the dry-processed (307kt) and wet-processed LOI (211kt) customers.



So about 405 + 307 = 712 kt of DSO and dry-processed LOI customers could be competing for up to 233 kt of wet processed production output capacity (233 kt based on PFS figures). The LOIs above also exclude customer interest from Europe. These DSO & dry LOI customers are all competing with the 211 kt of existing wet-refined product LOI customers.