Ann: Kathleen Valley Project Native Title Agreement, page-31

No offtakes because there's no DFS, and the DFS is imminent.

Why would you put DFS as a CP in offtakes when its so close. Same goes for 1 tonne SC6 product qualification currently in progress. At this stage there's significant projects risks which mean offtakes aren't particularly binding, they're more like agreements to agree.

A big question yet to be answered is how much resource converts to reserve, and this feeds all the calcs driven by minelife, mining & processing rates, etc.

The less CPs in an offtake the better, and this NTA is another boxed ticked and excluded. The board have a lot of short term incentives based on DFS, offtakes, FID, funding hurdles, etc, so an early takeout doesn't suit them - unless of course a cash takeover triggers them anyway, which it could do.

At the end of the day, this is pretty big news and maybe picked us up 4 or 5 cents and stopped us closing below $1.90 again.