SDV 10-year offtake discussions, page-22

So we had discussions 6 months ago as confirmed by CFO about a 10 year offtake agreement.

We then hired the best lawyer in the business.

The last quarterly then stated in regards to Sal De Vida

"After feedback from potential off take partners, a scoping study was commenced to add a lithium hydroxide sub-circuit to the existing planned lithium carbonate circuit."

and

"Successful test work completed producing battery grade lithium carbonate and lithium hydroxide"

And in the mean time while thats being constructed we have offtake partners for Mt Cattlin (that have been kept a secret - could this BMW deal be why?) and will be:

"Galaxy has also agreed for a portion of the Mt Cattlin lithium concentrate sold under these offtake agreements to be converted on Galaxy’s behalf into lithium carbonate and/or lithium hydroxide. Agreements for these conversion arrangements will be prepared in early 2018. This will allow Galaxy to commence selling its own lithium chemical products into the end-user market, which is currently exhibiting a robust demand and pricing environment."

Now BMW announces they are about to sign off on a 10 year agreement... my bet is that they want lithium hydroxide.

"the aim is to secure the supply all the way down to the level of the mine, for 10 years. The contracts are ready to be signed."

Alright alright, I get it Mr Tse. But first things first, we will sign off on some now from Mt Cattlin but you need to show us that you can sucessfully produce hydroxide before we sign off for SDV, ok?

Done.

Oh. And keep it all nice and quiet for us in the meantime would you... we mean it.