Significantly undervalued, CY20e EV/EBITDA of 1.2x, page-10

Depends how you interpret the relevance of "substantively completed deal" to Alliance at present.

To me it means to me the decision of the offtake party and terms will be completed, shipments to an undisclosed party as we have seen with the 5kt have already begun deal or not.

I believe there maybe other factors at play which preclude negotiations from wrapping up quickly such as perhaps pre-payments or downstream discussions.

You certainly do not need 2 months to conclude a spodumene offtake agreement, even if they had some terms and conditions in regards to time frames such terms could would just be stated in the agreement.

Whatever is happening unlike with burwill situation nothing is excluding us from making sales to this customer and other any other customers in the interim.