Ann: Restructure of Lithium Offtake Agreements, page-32

Hi Henry, it seems they have agreed a pricing mechanism up to October 2019 based on Lithium carbonate pricing over periods mentioned, then from October wanting to move to a formula using both Lithium carbonate and hydroxide pricing but if they can't agree on the price they will get the higher of those two prices $880 or floating.

Likely they will come to some agreement before then in my humble opinion but they have a default just in case they can't agree.

Hopefully by then our opex costs will be lower and we can be price competitive if pricing under the Lithium carbonate and Lithium hydroxide formula drops significantly.

That's my humble opinion on it anyway.

So what's your thoughts on this market pricing formula, from memory you weren't a big fan of offtakes with these types of arrangements?