If the titanium off-take partner is also proposed to provide some finance (as with PLS), pure speculation on my part, then the BOA is essentially underwriting the price that they provide equity at. Under that scenario, they should receive the benefit of a lower/current price because their off-take makes the equity actually worth something (i.e. the project can proceed towards production).
The report was apparently commissioned by the company, if that makes things slightly worse :/
If the titanium off-take partner is also proposed to provide...
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