Ann: Offtake Prepayment MOU, page-87

Has anything been reported from Glencore as yet? As far as I was aware, there was no deadline set for Glencore's DD, nor was there an option for Galan to walk away from the binding agreement for any reason whatsoever:

"The Board of Galan Lithium Limited (Galan or the Company) is very pleased to announce that it hassigned a binding term sheet with a wholly owned subsidiary of Glencore plc (Glencore) global miningand trading company, for offtake for up to 100% of its premium lithium chloride concentrate fromHMW (Marketing Offtake Agreement or MOA) and the offer to provide or facilitate a securedFinancing Prepayment Facility (Facility) for US$70 to US$100 million, subject to conditions precedent being met."

I'm hoping it's all been discussed between JP and Glencore, and that they are fine with it.

Maybe I've missed an ANN along the way or something, but this seems out of the blue. The last thing GLN need right now is a legal battle over contractual obligations.

Hopefully Glencore are taking this in good grace and walking away.

I agree with many posters here. It's just an MOU at this stage, which means next to nothing. And it doesn't solve the financing problem totally either. But getting away from the Glencore sword of Damocles has to be a good thing I'd have thought. At least GLN are now fighting without their hands tied behind their backs.