Ann: Operations Update, page-40

True current off take is from China, but Chinese demand has weakened and this makes it less likely new buyers can be found elsewhere.

"However, in May, demand for HMC from Image’s off-take partners has
softened due to growing inventories stemming from a general decline in demand for mineral
sand commodities and final products in China. As a result, HMC sales for May will be limited
to a single shipment of 10k tonnes. Importantly, preliminary discussions for proposed sales in
June-July, with off-take partner Natfort and a number of potential new buyers, provides Image
with optimism that the current market uncertainty may only be temporary."