Price action, page-2474

The original graphite testing with a lower purity product showed promise, it was good enough. Now we find a more pure product is struggling, which points to a fundamental problem peculiar to HZR graphite.

There are two non-sequiturs here. Firstly, you're assuming the original graphite was good enough because it showed promise in button batteries, but good enough for button batteries is all we could say.

Secondly, you conclude MIN's 97% graphite must be struggling vs the original graphite. The only way to compare is if MIN's graphite had been through button tests as well. That's far from clear, and by this stage I tend to believe they were targeting higher-end applications.

GW has referred to excellent button results, but a hard lesson that to go further they'd have to tailor battery chemistry to Hazer graphite. It sounds reasonable as an explanation that more research is needed with CDP volumes.

This stumbling block effectively scuppered MIN's bulk aspirations. Coincidentally, Hazer's own FBR and purification now appear economic enough that they could go it alone in future.

There's no more royalty for MIN in this instance either. Of course, they could have stayed on as shareholders but didn't. It doesn't seem like much of a red flag, given how the market reacted since.