The Talga HC Bar, page-588

Also somewhat related, and something I'd been meaning to post on - lets have a look for comparison at Syrah's "amazing" off-take agreement with Tesla and how "oh they're sooo much further ahead because they've already signed an off-take"

Syrah had to release a second announcement for this because they left out a lot of rather important details. Unfortunately most people just jumped in on all the hype and I don't think paid much attention to the second announcement.

• The agreement is for Active Anode Material, not a finished Anode product.
• The off-take agreement is only for 8ktpa, less than half of Talga's initial planned output
• It is conditional on agreeing on specifications by the end of this year - Talga is already well advanced with qualification and has improved their product and process based on feedback from partners.
• The deadline for qualification isn't until JUNE 2025!!! By this point, Talga plans to be scaling up to 100ktpa.
• Syrah has a mine in MOZAMBIQUE, and wants to build an AAM plant in USA. They needed to sign some sort of agreement in order to be able to proceed with the expansion. Talga has been targeting this for much longer, and is much further advanced in both our plant and our qualification process so doesn't have the same pressures as Syrah does to sign an agreement.

So all in all, the Syrah off-take is a veeeery veeery loose agreement, for a pretty small volume, still a number of years away, and with lots of conditions, and I'm sure pricing that is very favourable to Tesla - but they needed to sign something in order to justify going ahead with expanding to build an AAM in USA. Syrah was a graphite mine that is trying to move upstream. Talga has been target the upstream is a key part of the business for a much, much longer time.

Hopefully people can understand now why just signing any old "off-take agreement" isn't necessarily that big a deal. And certainly a deal like Syrah's would have made absolutely zero sense for Talga.