Purity drives a Premium - Macquarie Research, page-2

Yes, the usual unicorn graphite fluff comprehensively covered but none the wiser as to when customers will sign up:
"We understand that MNS has engaged in off-take discussions with a number of potential off take partners and end-users although no formal agreements have yet been reached. We believe that securing project funding will be a key catalyst in the off-take process."

In fact, you could interpret this statement as MNS need funding prior to any off-take deals.
Blue Ocean prefer 'chicken' then 'egg' but Macquarie Research prefer 'egg' followed by the 'chicken'.
Jeez, is it off-takes first then finance? Or finance first then off-takes?

You simply can't make this stuff up....