Ann: Quarterly Activities Report and Cashflow, page-67

Have I missed something? I didn't think any of the major car manufacturers had signed offtakes.

Great Wall are taking spodumene from PLS, but that's not a refined product. I wouldn't call Great Wall a major carmaker either.

Toyota Tsusho signed on with ORE. That's the trading company within the Toyota Group, not the carmaker. Maybe they'll end up selling to the carmakers, maybe not.

Regardless, what you're missing is the size of the demand. I don't think any of the lithium producers have enough capacity to provide exclusive supply to the carmakers; they're going to need multiple sources. That's the whole reason behind the lithium boom; the market needs more players to bring in supply.

If this were a small company still drilling for lithium, with no idea when they will be producing that would be a valid concern. Just chill, give it a few months and see what news there is about offtake.