All great points. I think re AJM that all OT agreements were...

All great points. I think re AJM that all OT agreements were terminated/are (to be) terminated upon sale of the AJO assets to PLS.

If I’m correct then that doesn’t mean that there are no offtakes desired for the AJM product - just no current contractual arrangements for any such desired offtakes.

Again if I’m correct, that means that “new” negotiations can take place for the ALO derived spod if and when the ALO equipment is fired up (based on another poster of recent, that could be after the recovery upgrades are undertaken using the “overshoot” of funds now being raised due to a combination AUD/USD rate changes since value of acquisition struck).

Assuming all of that is correct then we could see:
(a) a re-write of the sale terms of that ALO spod to the same OT partners who were associated with AJM with associated improved pricing mechanism;
(b) new OT partners for that ALO spod (any shipping of ALO product gone to new desitinations recently for potential qualification processes?); or
(c) redirection of the ALO spod “internally” to a POSCO associated LiOH conversion plant JV without need for PLS stage 2A/2B expansion expenditure (struggling to recall earlier chatter but I thought part of an anticipated POSCO JV might have involved capital injection for developing the stage 2 PLS expansion - if that is not needed by making use of ALO (improved) output, I wonder would new terms for a JV could look like...

All options there seem most favourable to PLS to me. Good time to be in the spod business. (Oh and making improvements to ALO operation to increase recoveries then flipping on the switch would most definitely be quicker than brine wind up IMO).