ALL IMO I am hopeful of more offtakes once the PEPR is...

ALL IMO
I am hopeful of more offtakes once the PEPR is approved.
There are perhaps some off takers not wanting to put the effort into a BOA until they know ADN can mine.

Reading the commentary it seems as though ADN can sign many lower margin BOAs with products they have now. However, ADN, in the coming years they will be able to produce higher margin products from the same feed. Clearly they want to maximise the return for SHs. Question, do you just want BOAs at any value or higher margin BOAs? I vote for the latter which may take a little more time. I recall some of the initial offtakes are only for a couple of years and can be reviewed, which is a smart play.

Then there are those Off Take partners squeezing to get the best deal for themselves knowing that their proposed BOA is required to support the business case for FID and production. Seems to happen to every company wanting to become a producer. This is where I think ADN have decided to do a subset of Stage 1 of production, thereby sending a message to these potential customers we don't need you to get off the ground. Once we are in production the boot will be on the other foot and we can name a fair price.

Ultimately, I trust the company is working hard to maximise the return for SHs and that takes some skill and time to sort out which BOAs they are prepared to sign. Its a sign of a mature business with a strategic view of the end game and I applaud them for this.

My only care is that there is enough BOAs to support a FID

GLTAH