General Discussion, page-1120

Yes, product qualification can take years - there is no escaping the time investment of rigorous testwork. LIB manufacturers, particularly in Europe, will be required to adopt measures to maximise the 'green' rating of production - major contributors will be commitment to transparent green supply lines and recycling of production scrap and expended LIBs.

Graphite purification IP and the developing relationship with SungEel holds EGR in very good stead in the recycling space - first mover advantage here and years ahead of new entrants. The recently published Engineering Scoping Study for the modular LIB anode recycling plant reinforced this.

Bear in mind, this cell testwork being conducted by a South Korean LIB manufacturer, facilitated by SungEel, is only the recycling arm of the EGR business. Arguably less significant than the SpG production business stream as a driver of company value - BAM facility rollout over the next few years, starting with Kwinana, will likely be the core EGR business. Good times ahead.

As far as I am aware, SungEel is not directly involved in SpG coating. EGR will surely want to capture as much value in the downstream processing chain as possible and considering the recent hiring, must be on the radar. Relationships with the likes of FYI are much more likely to yield progress on this front.........