Spodumene Price, page-532

Regarding the Hydroxide question, it is really dependent on the quality of the spodumene you input and also how good your conversion process is. The common figure I see flouted is 7 tons of Spod for one ton of Hydroxide.

Regarding the offtakes, the simple fact of the matter is we will not know until our first shipment goes and we receive payment. But BP134P9 has done some excellent exploration of the topic above and I suspect they are on the money. The Ganfeng deal has no ceiling so we are golden on that one. The Yahua one does but it's entirely possible that Stephen saw what was on the horizon if we could just hold out a little longer (which we did) and may have managed to ensure that if we are capped, that at least that cap would be generous by the standards of the times.

Also bear in mind too, that CXO renegotiated that a cap would exist only for 2 years, not the full 4. For this reason, I reckon Stephen was clued up and knew what could happen and was hedging his bets.

Worst-case scenario, we may find that 40% of our product is capped for the first two years of production and likely I personally suspect somewhere between 1000-1500 USD at the absolute maximum.

But the simple matter is the market for spod was in the toilet in 2019 when we resigned the deal and we can't be too assumptive until we actually know nor too judgemental if the cap is lower. Put simply, few could have foreseen how fast our fortunes would change and beggars (which we basically were in 2019) cannot always be choosers.