I can't see how a business case can be made out based on...

I can't see how a business case can be made out based on Memoranda of Understanding (MOUs) for flake graphite sales. Doesn't matter that they are for sales of 80,000 tonnes over 2 or more years, they are just MOUs and essentially worthless. I see the company calls them 'committed contracts' but they do not fulfil the requirements for legal contracts. They are merely 'understandings' and can't credibly form part of a feasibility study or underpin any financial arrangements.