Lake Resources signed a non-binding Memorandum of Understanding (MOU) with Ford Motor Company (NYSE:F, Not Rated) for an offtake of 25ktpa LCE from its flagship, Kachi Li brine project in Argentina. In conjunction with the recent off-take and strategic collaboration with Hanwa of Japan, Lake has now covered the sale of 100% of its proposed production from Kachi. We view this potential offtake agreement for the other half of Kachi’s planned production very positively, as it even further de-risks the project, and this time the deal associates Lake Resources with Ford, one of the world’s most recognizable brands. With offtake negotiations in progress with both Ford and Hanwa, debt funding in place for 70% of Capex, pilot plant construction underway and a recent increase to 50ktpa LCE in planned production, we expect the upcoming DFS to demonstrate stellar economics for Kachi. We also see room for further valuation improvement. Beyond these attributes, we signal that there is considerable potential for us to improve our forecasts as we continue to use US$15k/t for our LCE price assumption. Given that demand for LCE is pending, some similar brine producers are selling LCE at US$35k/t, global averages are in the high US$60k/t range and Chinese prices approach US$80k/t, we see potential to increase revenue by multiples of current forecasts. We await further economic studies to help further define costs.