Ann: Galan Secures Glencore Agreement For Offtake & Financing, page-176

Thanks for the replies @acwbagnall, I always enjoy your input. I hear you: the chloride vs carbonate is a bit of a moot point, I agree that the company's strategy has been the correct one, lower capex makes the project achievable. Plus, the plan has always been for Galan's product to be someone else's feedstock. I'm probably overthinking that point, it's just a reminder that the real crown jewel is carbonate, but it is what it is.

On the funding, I have to politely disagree that this is "pretty clear". Yes the words 'prepayment' are in there but it seems ambiguous enough ("provide or facilitate") to be unclear. The reason I'm thinking this way is because normally prepayment is done hand-in-hand with the offtake (i.e. the prepayment is in return for the offtake) however in this case the offtake is binding and the funding is just an offer. If I'm guilty of overthinking it or being too pessimistic - quite possible - I suppose it's because many see this as a company-maker but the wider market disagrees. At the very least, it appears to remove two big obstacles that were in my path: demand for the product is clearly there, and risk of big dilution is minimized. FWIW I'm currently on the 'this is a company-maker' side of the equation, but I'm always cautious when the market says something else. Cheers