Validation, page-11

"A major positive aspect is that the deal is structured in such a way that MinRes don't crystallise their equity at 51% until the project reaches commercial production.
"That means Hexagon's shareholders are not exposed to all of those ramp-up issues that typically afflict many projects."
In responding to the issue of offtake and marketing, he said MinRes was an established lithium and iron producer with serious relationships into China. Hexagon contributed its graphite experience, which together forms the basis of the 50:50 marketing company for all stage one graphite concentrate.
Rosenstreich said Hexagon also had a good relationship with its potential offtake partner, China National Building Materials - General Technology Co, which signed a non-binding offtake MOU in February for 30% of planned primary production.
He said talks would continue as to the graphite's suitability for CNBM's needs and whether Hexagon would continue to offer the bulk of its now-49% share of production or a downstream processed material.
From
https://www.mining-journal.com/reso...rcestocks/1342982/hexagons-future-takes-shape