Yeah friends, that is obviously right.
But, a down stream manufacturing company will want sound offtake agreements for what could be a critically short supply material. IMO they would do their DD so they would have confidence to do their own capex.
So I, personally think the offtakes are a strong positive for VULs future. Nothing is guaranteed - hey we might yet be driving hydrogen.
JCap targets Vulcan Energy, page-77
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