So you think the offtake has a "small" transfer price? If you...

So you think the offtake has a "small" transfer price? If you consider something over $75m "small", what do you consider large?

Atlantic are looking to sell an offtake that approaching 50% of production that covers perhaps 3-5 years of the mine's production. Based on stage1, they have significant interest in that offtake inclusive of terms including a prepayments/loan of US$75-$100m.

Piedmont already has an offtake to that same ore covering 50% of production but not just 3-5 years, but the entire life of mine period. If Atlantic's shorter length offtake for perhaps something just below 50% of production enables a prepayment of US$75-$100m Piedmont could surely get quite a bit more than this if they put the whole offtake up. They won't, but you just suggested the whole offtake Piedmont has would have a "small" price is strange.