If I put my emotions to the side, it is clear that entering into...

If I put my emotions to the side, it is clear that entering into an Offtake Agreement at current prices is suicide.

All OTAs signed today are based around market prices and market prices aren't that far removed from Spot prices on average so far from suicidal. However the advantage Spot price gives is its more or less dealt with and paid for in a short period and has flexibility, whereas OTA's are often based on average prices over a set period , often quarterly, and fixed over a longer period, on the other side Spot prices will be more volotile.


There are pros and cons for either methods depending on circumstance but if you are looking for financing or financial assistance or expertise for dowstream projects then an OTA is essential at some point...we are fortunate ( enabled by the original BOD) to be in a rather rare situation of having a concentrator paid for with no debt giving some time to consider the best offer for downstream, but an OTA will happen and most likely for NAL first and something separate for MOBLAN IMO.

The bottom line is the volatility in the Lithium space means plans considered a year ago may not be appropriate now .

You can see that in the rapid move from Hydroxide based NMC batteries to Carbonate based NPF batteries. In the course of about a year basically all the advatages of NMC technology has been replaced or matched by NPF technology and has added several advantages as well....it will be very interesting to see how that plays out with MOBLAN and also PLL's projects . Its suddenly become a very large Elephant in the room and would have to be playing on the mind of those planning to invest huge ammounts of cash for Hydroxide projects that are still years away from production...

It's why I don't get carried away with wanting updates,management need space to think and change plans if necessary in such a dynamic sector, everything is easy when prices are high and stay there but that's not what happens...


Cheers Whisky