A conditional offtake with an OEM, I won’t both posting it as I...

A conditional offtake with an OEM, I won’t both posting it as I personally don’t think it’s likely - but possibly explains the current run even amongst the red.

You can get finance that might have a condition of requiring an offtake before execution and that’s extremely common for mining projects. It is likely whatever finance will be conditional on all permits, OT and FEED, so it can come before all of those. You just have to satisfy them before they give you the cash, like a mortgage preapproval.

You cannot have FID without everything else, it’s literally the last thing, not sure why people think that can come early - it is literally the meeting where the board agrees to execute on the finance package and start building. You can’t do that until you have done all the FEED and finance.