I agree Mark but there is another way to establish pricing, Letters of Support. This type of undertaking could be provided by a potential customer stating that they would pay X per ton, it may also be in the form of LOI or MOU as well. Those are real, tangible numbers. No large corporation would make such undertakings if it had no basis in fact.

My guess is that any dollar figure used for a selling price will be strongly supported in the PEA. This will not be a "sell on news" event IMO. This will demonstrate real economics and at that point, its game on. This is when I expect interested parties come to the table. I am not saying a take-out will occur right away but it could. The more of these letters, LOI or MOU's we have, the better.

Remember, a miner or third party purchaser may not want a formal off-take signed. While that would guarantee economics for that portion of the supply, it may hamper them with other opportunities. For example, what if Zen signed an off-take with company XYZ for 20k/tons per year. Then Tesla/Panasonic comes along and says we want the entire deposit. While not impossible to deal with, it would complicate matters.

Anyways, tremendous future before that should start unfolding very soon.

Best

Quincey