Potential Upside of WKT - Expandable Graphite, page-863

And what exactly does "binding" mean in this context? We are talking about TERM SHEETS, not final OT agreements. As you surely know WKT wrote: "A final off-take agreement shall replace the term sheet." Meaning: another agreement is necessary, based of course on the binding terms of the term sheets. As such agreement has not settled yet, the negotiation can be successful or fail. Additionally, although a suitable pricing mechanism was discussed it needs to be finalised during final Agreement negotiations planned for later this year. In other words: if the parties don´t reach consensus, the whole deal could fall through. Therefore these "binding" anouncements sound great but initially mean almost nothing.

And for all the especially smart readers: I have no clou whether final OT Agreements will be reached or not. The only thing I say is: a BTS is not a BOA, and there is no automatism for a follow-up agreement ! Of course I am aware that you don´t want to hear this. I could say "sorry about that", but given the often unfriendly and disparaging contributions to people who hold a dissenting opinion I won´t. Besides that I keep my fingers crossed that WKT will succeed.