MNS has completed their RAP. Where is ours?, page-3

That's not what it says bladerunner. I'd suggest you go back and read the details. They've only valued the land, at $3.4m plus $900k clearing costs. Money they don't have right now as ongoing operation of the company continues to drain their limited pool. It also talks about finalisation in or about 2nd quarter 2017. And nothing about how they're going to fund RAP, or the mine, and it certainly doesn't mention any customers worth their signatures.

You also neglect the fact MNS appears to be solely focusing on the battery market, which is good work if you can get it, but given current global demand for battery grade graphite is 47,000t, it seems unlikely they'll find customers willing to commit to such large volumes.

Irrespective of the above, it does not affect KNL. This is not a sprint, it's a marathon, the winner does not take the graphite market. KNL has already secured 7% of global demand, 30% of European demand and nothing MNS does will displace our contracts, time-frame or finance. Period. We'll be up and running in 2017 with or without MNS in operation. (my tip is MNS will have to sell graphite to the KNL/Sojitz JV and we'll take a healthy mark-up for the pleasure. If we want it that is).

KNL at ~$50m MC (with $11m in the bank) offers much a better ROE than MNS at ~$300m MC (with $6m in the bank).

I invest in facts, not hype.