Sheesh, ease up everyone. Who gives a rats if there is a middle...

Sheesh, ease up everyone.

Who gives a rats if there is a middle man?? From memory stage 2 supply was going to be something like 3% of existing world supply... Nothing to sneeze at. We've tried and failed for the last couple of years to get a Ti offtake direct with an end user... We need to wrap this up and there is so much value on the pigment that we can easily afford a middleman. It's still going to be a multi billion NPV, regardless of commissions paid. It wouldn't surprise me if the recent pressure on the board caused them to go to the second best option (middle man), and give up on getting an end user on board. They should have done this from the start imo, and it would surprise me PB even thinks that in hindsight. 

I love the fact that they have identified the specific product they will be selling - TNG360, outdoor paint pigment - and that DKSH are happy to have their name painted all over this agreement. So many previous potential agreement parties have been kept completely confidential. 

Not sure why people are getting hung up on years 5+ supply, as we'll have paid back the loan by then and stage 2 is to be self funded. WE JUST NEED GET STAGE 1 CAPEX OFF THE GROUND and this is exactly what that will do.

Acknowledge that they need to actually secure the offtake agreement in the next 6 months, but it looks positive to me. DKSH seem to have the means to handle the offtake and that they already know what product is being sold initially implies that they don't still need extensive behind the scenes product work to be done.