Offtake/Finance wrap up, page-9

I don't see ARU tolling its material in Germany, @Birchcorp. Product sales (of NdPr oxide or metal), yes, toll processing no. From ARU's 29/3/23 announcement:

Euler Hermes has informed the Company that the Federal Ministry for Economic Affairs and Climate Action has confirmed the in-principle eligibility for an untied loan guarantee for the financing of the Nolans Project. The untied loan guarantee of US$600m is non-binding, indicative only and if approved, the guarantee would be conditional on Arafura entering into offtake agreements with German-based companies, and the corresponding quantities of neodymium praseodymium (NdPr) products ultimately being processed in Germany into permanent magnets or powertrains.

The final statement necessitates the delivery of oxide or metal into Germany, for the Germans (I assume VAC) to produce metal and/or magnet alloys and/or magnets for use in automotive powertrains and wind generators. Process IP is a non-issue in ARU's offtake agreements IMHO.