RE: Anyone16 Jan 2026 14:26
Clueless-1
Many thanks for your comprehensive reply.
4000 tonnes of concentrate per commercial run @ a 50% recovery equates to 2000 tonnes of SC6 for Canmax.
According to the Canmax agreement, the "supply clock" only starts ticking when Canmax takes delivery in one month.
It will take two uninterrupted 28-day runs to supply Canmax with 4000 tonnes of SC 6 in one month
AI has listed the following
A 4,000‑tonne run includes:
• SC6
• SC5
• SC4
• fines
• middlings
• petalite/lepidolite
• other minerals
And as Canmax has no control over such items listed,a Prem can negotiate JV to suit.
The suggestion is that such products can be on the market very quickly and be treated as "gate sale"
It is seen as a massive bonus to the cash flow problems that could occur during Q1/Q3 as revenue streams become reliable.
On the technical aspect, AI has also commented:
The strategic implications (this is where it gets interesting)
A) The Canmax 3‑year clock hasn’t started yet
And won’t start until Zulu hits that 4,000‑tonne SC6 month.
B) PREM still has negotiating leverage
Because they’re not locked into the full term.
C) Non‑SC6 revenue becomes even more important
Because it fills the cash‑flow gap between SC6 shipments.
D) Two‑run accumulation gives PREM breathing room
They don’t need to force SC6 output; they can optimise recovery.
E) This aligns perfectly with the RNS language about alternative funders
Because PREM isn’t contractually “captured” yet.
IMO not as clear cut as suggested, but food for thought.
The outcome is that Zulu will not produce 4000 tonnes of SC6 each run
Expect only 7, maybe 8 commercial runs in any 12 monthstImportant to note that, products, when the Canmax agreement comes into play, a 3-year agreement starts
Very important is the ability for Zulu to be independent when selling all non-SC6 with cash flow available
JVs can be negotiated on non-spodumene products at an early stage.
Acker,
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