Ann: Court Rejects Appeals Against Vittangi Mine, page-167

I think if you look at Talga's asx competitors in the graphite space, there's a case to be made that the Talga share price isn't disconnected from the company's progress. Instead it has been significantly affected by the wider graphite market price and sentiment to the downside, which has been offset somewhat by the positive progress to the upside.

Take a look at these 1 year returns:

	TLG	-15%
1	RNU	-45%
2	NMG*	-55%
3	NVX	-61%
4	EGR	-68%
5	SYR	-76%
6	MNS	-82%

All have made progress in the last year (positive and negative). I think without the clear positive progress Talga has made it would be looking at a ~50% drop too. "Only" 15% down over the last 12 months reflects what the team has achieved.

If all of Talga's progress had been combined with a positive tailwind behind graphite the share price could be flying. As much as Talga is more than just a graphite company it can't escape the graphite market, at least not yet anyway.
I think holding a market cap over $400m throughout this period where the sentiment for graphite is in the toilet is pretty impressive. I'm not happy about it but also glad it's not -50%.

Ultimately I think the graphite & anode market needs to turn to see significant appreciation in the share price.

I think you'll see from who I've included I'm using the term "competitors" pretty broadly there, but you get the point - the market doesn't like graphite at the moment. *NOU/NMG added as a tsx bonus