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monocle

11/20/25 5:10 AM

#124589 RE: walterc #124588

Walter are you surprised/disappointed by Mark's stated timeline to complete financing? It's very different from what he said in Antwerp.
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The_Gman

11/20/25 11:15 AM

#124598 RE: walterc #124588

I hope you're right! Better yet, I hope that timeline in actually ultra-conservative. Even better, I hope that single entity offtake is the U.S. gov't and they write another fat check, soon.

Mark Smith
So then it boils down to 2 final things that we have to undertake for EXIM. And it's going to be whoever comes first in time is going to get this contract for offtake because we don't have a whole lot of time to finish discussions on this anymore. EXIM is ready to act as soon as we have those offtake agreements in place.


Carlos de Alba
First is beyond the Lockheed Martin offtake agreement that you discussed, are there any other offtakes agreements? Maybe to the extent that you can comment or provide some broad color would be great. Particularly, is there -- is it a possibility that you get upfront payments as some of other rare earth companies out there have been able to get?

Mark Smith
Yes. I'll start with offtake because that will be very, very quick. I've probably said as much as I can say, given the confidentiality agreements that we obviously have to enter into to have these discussions. But we are in discussions with individual users of our materials, and we're also in discussions with one party in particular, that would be more of a general overall offtake agreement with one party.


Mixed messages are frustrating.