The agreement is for 3 years from 1st of January 2018 at 3,000...

The agreement is for 3 years from 1st of January 2018 at 3,000 tpa, being 9,000 tonnes by 31 December 2020. This is 3 calendar years or 4 financial years.

If we are assuming BASS is talking financial years than it will be approximately 1,500 tonnes (given ramp up to 500 tones per month plus what they have in storage) produced and sold in the 2018 FY. This checks out as it is under the 3,000 tonnes p/a for 2018. Then in the first half of 2019 FY (July 2018 - December 2018) they will produce 3,000 tonnes (6,000 tonnes p/a being Stage 1 production / 2). That is 4,500 tonnes sold within 12 months but it covers 2 FY's so is still within the 3,000 tonnes p/a agreement.

However i think they are talking calendar years. To me it doesn't make sense to have the agreement starting 1 January as this would result in 2 full years production and 2 half years production under a FY assumption. This would mean, at best, they could sell 3,000 extra tonnes through Possehl as they have access to an extra year under the agreement. I think they are going to produce and sell approximately 4,500 tonnes this calendar year (2018) as per the above calculation. Sell 3,000 tonnes through Possehl and the remaining through other outlets.

The fact the the announcements states off-take agreements (plural) suggests to me that there are other agreements on the table (maybe not off-take agreements but pre-existing clients who have agreed to purchase x amount).

tl;dr I think they are suggesting calendar years and that the full 2018 production (January 1st to December 31st is already under agreement to be sold through a combination of Possehl placement and pre-existing client relationships.