This is an interesting point. Are Talga a chemicals supplier? Or...

This is an interesting point.

Are Talga a chemicals supplier? Or an advanced battery technology product supplier?

Do we compare to miners such as Vulcan who are getting offtakes for refined chemicals or a company providing a battery ready product?

Vulcan got a 10ktpa offtake from LG Chem for Lithium Hydroxide. Northvolt got €900 million euros from VW in 2019 and then a $14 billion purchase order this year for batteries.

I view Talga closer to Northvolt than Vulcan. Northvolt take Vulcan’s product (Lithium Hydroxide) and then turn it into the battery ready product - cathode.

As we’ve discussed previously, Northvolt do not have the capability to produce battery ready anode.

I would then expect to see something similar to Northvolt i.e big investment ahead of a purchase order. They are buying a product, not a chemical. THIS IS THE BIG DIFFERENCE

MT has said many times that the EVA is the final step in the procurement process…Not an offtake but a purchase order. They’re actually buying a final product, not a chemical.

I think this is the distinction people don’t understand.