Ann: Restructure of Lithium Offtake Agreements, page-51

Yeah well there is a few stages to that. This year is likely going to be a low margin year for TAW. So for now their focus will be on paying debt and what for holders will hopefully be a low capex expansion before better margins and increased product kick in, in 2020. However that means that any downstream might not happen until 2021. Either that or they take on debt or give equity to a partner which is not necessarily bad mind you, it just changes valuations.

The selling point for TAW has always been no or low debt and cheap capex. It's hard to know how things will look if you start changing that business model.