INR Chart Chat, page-159

I didn’t think it was fixed price but the terms are not public. I believe from memory there is a price window with a floor and ceiling that the off-takes have and the sale price at that time was then determined based on other spot prices (not the China sport price, I think they based it on the Japanese/Korean spot price given who the off-takes are with, but at some fixed ratio to spot they didn’t disclose). I would say this - 2019 they (the third party who helped them with the initial DFS) projected the carbonate spot price to be around $11k US per tonne at time of first production (which at the time was around 2024, and today the spot price is hanging around that! So they do engage third parties which do know a thing or two about what they doing…). I’m not sure about the 2 years construction… I’m seeing them trying to softball a change to 3-4 years construction now (rather time to first production from breaking ground)! Which given the plant hasn’t changed much at all no idea how that blew out but final DFS will give clarity on that… it can only really be changes to the pit and or more detailed information/engineering/quotes that would have blown the time to first production out form 2 to 3-4 years… or the difference could be from the plant coming online to product going out the door at name plate cap. Either way will be touching base for some clarity on that.