I think you might be on to something re the titanium offtake...

I think you might be on to something re the titanium offtake being close, jads... similarly, it also likely indicates that SMS are nearing completion with their detailed engineering, design and costing due diligence.

The offtake agreements, DFS and engineer plans form the basis of security for any finance package and are a critical step to have in order before any finance package can be negotiated. I don't think Gresham would be appointed at all until these matters are all but finalised - they would just be wasting everyone's time if they were having extensive meetings and negotiations with numerous parties based on 'hypothetical' figures.