Ann: All Bunyu Stage 1 Product Sold, page-40

@Madcaver99 Battery Anode Material (CSPG) which is the product a potential offtake with 24M or licensees would be for, is developed via fine flake natural graphite which undergoes a series of transformations stages (purification, shaping & coating).

Given the Graphex binding offtake is taking all of that from Stage 1 (10,000ktpa), it would require fine flake graphite from Bunyu Stage 2 and/or Zavalievsky.

The offtake with Quingdao Baixing Graphite co is for the course flake graphite from Bunyu.

Integrated Supply Strategy included for reference.