BMX auction tipping comp, page-20

Im not sure they need to have product on hand.
The delay in the auction could have 2 moving parts
A...Ken knew where pricing was going so held off for a month
B...They held off the auction to get better handle on Ngungaru.
I asked the question of the company a while back....


Hi Neville, thanks for your enquiry. Unfortunately the statement you refer to wasn’t attached to your email. I think you are referring to the BMX platform. We have previously said in our June quarterly;

“Pilbara Minerals’ intention is to grow the available production (including the potential for the sale of multiple cargos in a single auction over forward physical contracts), that will facilitate access to spodumene for interested parties that may not have visibility to available supply”.

Simplistically we might consider the potential to sell a cargo or multiple cargos today for delivery in the future – it really is that simple. The terms would need to be determined but it might include a deposit today, exchange of Letters of Credit and then final settlement once the shipment has been made at the pre-determined future date.

I hope this helps.

Regards
The Pilbara Minerals Team