What CAP has on offer is pretty clear. It's 70% IO. That won't...

What CAP has on offer is pretty clear. It's 70% IO. That won't change with the BFS.

Also I doubt they will be releasing incremental data during the progress of the BFS and if they don't inform the market they might not even be able to discuss it. So following your logic they would only be able to negotiate an off take after completion of the BFS.

Since it doesn't matter what the production cost or circumstances are for any company that receives their product I would say now is as good a time as any. And if the IO price where to decline further (not saying it will, but it could) it might in fact be the best time.

I certainly expect at least one off take before completing the BFS and wouldn't at all be surprised if one gets announced within a few months.

I certainly would be excited if that happens provided the terms are favorable.