Ann: Investor Update-MNS.AX, page-261

The first one or two offtakes will likely only consist of substantially less than ROM sales (anywhere from 40-50kt equivalent raw flake up). The offtakes should act more to validate the business model and attract funding proposals than pre-sell the entire production run before funding is achieved.

Once funding is achieved and construction underway, offtakes for the remaining output should trickle in in the lead up to commissioning and commercial production.