Had another read of the announcement, I don't think the market...

Had another read of the announcement, I don't think the market understands the significance of setting a floor price in the agreement. Ore just guaranteed a return that they are comfortable with it, all be it at the expense of a CAP, which will limit the up side, but given their production expansion, they will have plenty of tonnage ready for any upside.

these agreement secure future returns, and returns. Very positive move. And I suppose also an indication that cathode makers are active in the market trying to secure supply.

all in all positive for the company and sector. Bring on Japan hydroxide and the Europeans will no doubt be also knocking on our door. But I dare say that given Toyota's plans to launch a while heap of EVs they might be consuming almost all the balance of our protection.