Please let me know if my memory is faulty here, but I do not...

Please let me know if my memory is faulty here, but I do not recall VML making this statement before.

" Under the definitive offtake agreement, Vital Metals will provide Reetec with mixed rare earth carbonate product containing an annual volume of 1000 tonnes REO (ex-cerium) over five years. Both parties have the option to increase this offtake volume by up to 5000 tonnes REO per annum over 10 years ( subject to a corresponding supply agreement )."

My memory has it that previous statements said they could increase to 5000 tonnes per annum over five years.

My reading of the quote above is that VML and Reetec can agree to increase volume by 5,000 tonnes each year, for 10 years, meaning a volume of 50,000 tonnes per annum after 10 years, if the volume is increased by the maximum, each year.

I am sure that agreement notwithstanding, there would be a clause in the agreement allowing the parties to further increase annual volume if it is advantageous for each party to do so.

And, then of course, they are looking at supplying to other customers.