RE: RNS - the positives28 Oct 2020 13:46
"Finally, we added to our working capital position via the £2.3 million cash fundraise in September. We decided to keep the fundraise relatively small as we remain confident of announcing an offtake agreement for the lithium product from Mina do Barroso and/or a strategic investment partner for the project in the coming months. These developments will enable us to access other forms of finance for the development of the project, as well as improving Savannah's market valuation."
It's pretty clear to me they are doing everything possible to get this offtake deal finalised, I believe it will be tied into multiple parties, refinery/battery manufacturer/car manufacturer/EU funding (probably VW). As critical as i've been of Archer there's not a quick way to get all of these elements into the agreement, he wants the best possible deal, it's coming soon in my opinion.
Anyone who compares the delay we suffered in Oman to the time it's taken to finalise the Portugal offtake deal is an idiot, in fact the progress to date has been blindingly quick considering the amount of work that has been needed.