Not necessarilyYes, Ganfeng got a great deal relative to the NPV...

Not necessarily

Yes, Ganfeng got a great deal relative to the NPV and what we all may have thought Goulamina was worth. Kudos to them

But FFX also got a great deal:

• Partnered with a lithium behemoth with deep pockets and expertise at all levels of the lithium battery supply chain. We also still need to build a team and having Ganfeng as a partner will ensure we have the right capability. Downstream expansion? I'm sure with Ganfeng we'll make it happen much sooner than going at it alone
• 50-100% LOM offtakes sorted (with favourable terms) - as long as LMSA don't get screwed by the pricing formula, this is massive. We are also protected by ensuring Ganfeng secures supply with LMSA before fulfilling other agreements with companies where their interest is less than 50% (e.g. PLS) and other 3rd party suppliers
• Fully funded to go to production

Sure we may have received more consideration if we had gone to market, but this deal significantly improves our probability of successfully getting to production, more so than the sale of a % of the asset for more money, without any of the less tangible benefits IMO

So I've bought even more