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Piedmont expects shipments under NAL offtake to total 56,500 dmt in 2023.

Wesfarmers said it expected to generate its first earnings from a new lithium business in the first half of calendar 2024 with offtake agreements “well progressed”.

“Spodumene concentrate offtake agreements with tier-one customers are well progressed and are expected to be executed in the second half of the 2023 calendar year,” Scott said.

"We're currently discussing potential commercial agreements," she said, with reference to the group's lithium project in Argentina, adding these involve joint marketing and so-called offtake accords, or commitments to buy a certain volume of the upcoming production.

The preliminary agreement establishes a 10-year offtake contract for minerals like neodymium-praseodymium oxide, dysprosium oxide, and terbium oxide that NioCorp aims to produce at its Elk Creek Critical Minerals Project in southeast Nebraska.