Ann: Restructure of Lithium Offtake Agreements, page-71

Definitely not the announcement that shareholders and the market was hoping for but it certainly clears the path for management to secure a second offtake partner. The first right of refusal condition (to Burwill) would have made confidential negotiations (particularly regarding terms) virtually impossible.

It would be very interesting to know who instigated the restructure of the offtake agreement. There seems to be a bit of give and take from both parties so it would seem that negotiations were in good faith and our strong relationship with Burwill will continue. The pressure is definitely on MC now to deliver a new offtake partner and for Mark Turner to optimize mining operations.