Seeking Alpha, page-16

Agreed there Stoof! Although I do believe the spot NdPr prices are used for LYC's pricing arrangements... at least that was my take from how they explained it on the conference call in response to an analyst's question. My understanding is below.

Offtake structure summary at present1. Majority of offtake agreements linked to spot prices2. Small portion locked on floor / ceiling pricing3. Very small at fixed price and term - looking to increase at say a 2 year max fixed period

LYC are looking to increase the fixed pricing as a % of their order book, which is especially good for the wind turbine supply chain and their achievable growth rate in my view. The wind energy sector has been plagued with volatile manufacturing margins (input costs), removing their ability to commit to client contracts and pricing models, which has in turn slowed down sector investment and the rollout of wind energy. It's just another area of the undeniable energy transition thematic facing headwinds (another pun, sorry) which should be ironed out and starting spinning (sorry) at full speed as the industry adopts more standard pricing practices. In saying that, the government / private commitment to projects may be in somewhat of a backlog which would unwind to the benefit of NdPr... especially with input prices looking to come off across the board. I might take a look at the sector's manufacturing utilisation rates actually.