On the day GLN soared with the GLEN offtake/funding 'offer' I...

On the day GLN soared with the GLEN offtake/funding 'offer' I shot it around a few whose opinions I respect, because I thought it the offtake was great validation of the project and it removed my concerns about whether there truly was LiCL demand. The consensus response I got back was: "that's not who you want to be dealing with".

Yeah I remember reading that conversation on twitter... Josh Patrick got burnt on CYM so is understandably weary of Glencore... though as you pointed out a letter of intent is quite different to a binding offtake. Also, nifty restart had a capex of $150m for a 6.3 year LOM but they were actually looking for $260m to cover cost overrun contingency and working capital. 6 years doesn't give much wiggle room to make back the $260m if you factor in a few speed humps along the way (e.g. some ramp up issues and/or a period of depressed pricing) - it's not surprising to me that Glencore backed out of that deal. Big difference to be sitting on an asset which has more than 40 years of resource.

https://x.com/MrJoshPatrick/status/1725971208611786839?s=20