Ann: New short-term Offtake Agreement for initial ramp-up volumes, page-150

Hey … it’s only about 10 months worth of supply and 100,000T.

Now admittedly that’s more spod sold than some other operators in their entire history!

However for LTR it is the excess spod we will be making pre declaration of commercial production status. Upon that commercial production status our obligations to supply to our longer term offtake partners kicks in.

Another way to look at it is we were going to flog off DSO pre commissioning. Now some of that DSO is being improved to spod while allowing us to ramp up and tune the production facility while bringing in income for spod instead of DSO.

I fail to see the issue here … we have spod, it is from ramp up, we are selling it. Maybe this also puts a further line in the “if you want to make an offer to take us over please now take into account binding agreement for sale of all spod from start of commissioning when you start to sharpen your pencils”.