Hi TT, there are many permutations of how a company reaches an...

Hi TT, there are many permutations of how a company reaches an agreement for an offtake. Here's one perspective:

1) Bruce (BBB) picks up the phone, calls a couple of people and gets put in contact with Potential Offtaker 1 (PO1)

2) Meeting / phone call takes place between BBB and PO1. BBB presents some publicly available information, discusses timelines, ESG credentials etc etc. All very standard marketing material.

3) PO1 says "this looks good. We will be in touch"

4) A few weeks/months go by before PO1 calls BBB and says "thanks again for the presentation, to progress we need to take a look under the hood. We want to know more about Sunresin, we want to understand where you are at with permits, can we see your project schedules, management team etc etc"

5) Bruce says "sure, no problem but I will need you to enter into a NDA/CA". Pretty standard stuff...PO1 has no problems with doing so.

6) The NDA takes time. BBB marks one up and sends it to PO1. PO1 reviews, sends it to its legal team. This goes back and forward and takes time.

7) NDA is signed and BBB provides more detailed information. PO1 needs time to review.

8) Q&A go back and forward for some time between BBB and PO1.

9) PO1 then turns around and says, "we would like to know more about Sunresin, could we get x, y, z....oh, and btw, is it possible to visit Zangge?"

10) BBB thinks, holy s&^t, now we are talking. However, to do so he needs to get Sunresin to agree. This takes more time.

11) Sunresin turn around and say, "yep, we can provide x, y, z and we are happy to have PO1 to site. But we need them to sign a NDA"

12) Repeat step 6.

13) Site visit complete, information is provided and PO1 turns around to BBB and says "lets talk commercial terms". BBB says, "we are not looking for a MOU, we want something more definitive". PO1 says, "ok, talk to us about your financing strategy, project completion dates, we want to have some certainty on volume....btw, we need more than 11ktpa. Could you give us 20ktpa?"

14) BBB thinks f%^k me....we are on like donkey kong

15) Que the announcements for Green River and western strategy.

16) BBB and the team beaver away on increasing the resource, FEED, FID....etc etc all the while getting hammered on HC by TT about being called 'unprofessional'.

17) BBB, sitting at his desk peacefully takes a call, its PO2. They are looking for x, want it by y, and want to start talking asap.

18) After BBB picks himself up off the floor, he goes back to step 2) above and starts again - but this time for PO2.

And on and on it goes. The further away we get from when we expected an announcement is a day closer to when the announcement will actually come.

"Rome wasn't built in a day, but they were laying bricks every hour."