Ann: Yibin Tianyi Offtake and Prepayment, page-30

The entire offtake runs through to 2024 as shown in the below chart from the Shenzhen announcement issued by customer SHE: 300390 Suzhou TA&A Ultra Clean Technolgy Co Ltd



The period of 3 years prepayment is for the 3 years 2021, 2022 & 2023

You could tie it to one of two things.

The increased amount for those years being 10,000 ... 40,000 & 40,000 which comes to a total of 90,000 tonnes.

Or, you could tie it to the total amounts for those years being 85,000 .... 115,000 & 115,000
which is a total 315,000 tonnes and would work out to be a prepayment of US$47.62 per tonne for that 3 year period.

Looking back into the history of this customer I found the article from a year ago titled Pilbara Minerals (ASXLS) signs 5-year offtake agreement with Yibin Tianyi

The following lines in that article piqued my interest...

The offtake agreement with Yibin Tianyi was secured through Pilbara Minerals' strategic relationship with Contemporary Amperex Technology (CATL). CATL is China's largest electric vehicle manufacturer and one of Yibin Tianyi's largest shareholders.

Yibin Tianyi is based in the Sichuan Province of China and its strategy is to become a leading lithium chemical and battery materials supplier.

Currently, it is developing a lithium chemical plant in Sichuan with an initial production capacity of up to 25,000tpa of lithium chemicals from June 2020.

Eventually, however, Yibin Tianyi hopes to ramp up production to 100,000 tpa by 2022. If it succeeds, it will become one of the biggest lithium chemical suppliers in China.

They obviously like the product they are being supplied, my guess is that CATL have adjusted their forecasts for demand and can see that the need lock in additional supply from Pilbara. - With those numbers in the article for lithium chemicals production from that company it's a huge amount of potential demand from Pilbara for that one customer.

I am not sure of the details of the pricing they would be receiving but with current reported pricing around $480 per tonne that's a 10% prepayment.