The Talga HC Bar, page-816

IMO permitting is already priced in. Think about it, company have zero customer binding agreement. It still requires 484 to get this project off the ground and they don't have mine permitting, but its already priced at 400 Million. Weird right, they basically have not achieved anything concrete so far.

So the mine permitting has to be priced in already. I still remember last year when Syrah Resources was 630 Million market cap. That was just existing open pit mine with mine life of 50 years, before there offtake agreement with Tesla. Talga has 55,3 Million tonnes ore and 9 Million of contained graphite. Syrah only have grade of 10% but they have 142 Million Tonnes of contained graphite. They have 14.77 more graphite than Talga.

So I do believe permitting is already priced in. So I'm not risking my capital to find out if permitting is approved.
If it get approved I will get in for upside for 19.5ktpa offtake agreement and then sell soon after just before the capital raise for 484 Million.