It seems an exciting offtake as Nvx has signed with Panasonic....

It seems an exciting offtake as Nvx has signed with Panasonic. After check this offtake, we will see: 1. Nvx starts to supply graphites at end of 2025, so cash inflow will incur at end of CY2025 or CY2026. 2. Panasonic only total purchase 10000 ton over 4 years, namely 2500 ton p.a. not a big volume. 3. this offtake is subject to production qualification, if Nvx goods are not meet with Panasonic requirements, purchase orders will be cancelled. This make senses, after all there is no final goods that Nvx produced so far, all data from laboratory and pilot factories.