Ann: Project Partners complete product due diligence-GPX.AX, page-23

This is just not true:

"...granted they (Magnis) are financed and starting construction...."

The market certainly seems to believe that Magnis are financed and starting construction, but if this were true, wouldn't it be in their 2016 Annual Report? It's fairly material. Instead we get:

Discussions remain advanced with potential offtake, processing partners and end users from South Korea, Japan, North America and Europe. Finance discussions for potential project finance for the Nachu Graphite Project remain active and would be expected to be advanced further once some western word offtakes are in place. The Company signed an MOU with South Korean industry leader POSCO E&C in October last year outlining the basis for co-operation on the procurement of funding and construction of the Nachu Graphite Project

Here's what astounds me about all this. In Dec 2014 MNS announced binding offtake agreements with China-based Sinoma and Sinsteel, then in March 2015 they announced "USD 150m Debt Finance Binding Term Sheet signed with Sinoma to develop Nachu Graphite Project".

Damn good story - 180,000 tonnes pa of offtake and US$150m of project funding - but whatever happened to all this good news? If you do a search on their current Annual Report, neither of the words "Sinoma" nor "Sinosteel" appear once anywhere in the document. There's never been any correction released to the market that I can find, and in fact, the paragraph above confirms no offtake or finance, and mentions every other graphite market in the world that MNS is pursuing apart from China.

So 180,000 tonnes pa of offtake and US$150m of project funding just slips off the table and nobody notices?