Ann: HPMSM Feasibility Study Delivers Outstanding Economics, page-5

Not exactly hidden Pirate....see below.

Like this excerpts re. Funding and Offtakes.

'The Company has advanced negotiations underway with a second substantial offtake partner.'

'These principal offtake and funding agreements combine project financing in parallel with offtake commitments and pricing structures thereby de-risking the project economics.'

Pricing

The product sales prices used in the Study comprised three pricing models which have been derived as follows:• Pricing for volumes committed under the Stellantis Agreement use the pricing formulas that form part of those contracts. Volumes committed under the contract comprise approximately 15% of train 1 output for the term of the contract.

• The Company has advanced negotiations underway with a second substantial offtake partner. Pricing for forecast volumes are aligned with the current stage of negotiations. Volumes expected to be committed under this agreement comprise up to 50% of train 1 output.

• The balance of the volumes are assumed to be sold into the spot market and the Study uses forecast pricing from the Project Blue market report.

• All volumes produced beyond the terms of the two offtake agreements are assumed to be placed in the spot market using the Project Blue forecasts.