TLG Chart, page-3459

They're still climbing in at around 52 week lows. Terrible odds if they're betting on appeals being granted. Perhaps the destruction of the share price shortly before FID was the name of the game? However, mass dilution seems highly unlikely if the company is going with project equity, prepayment offtakes and state aid/EU grants. Furthermore, upcoming rate cuts should see money flow back to small caps as well as cause even stronger EV growth, pushing graphite prices higher in the process.

Outside of the strong downtrend, negative sentiment in the battery sector and the March rebalancing, I don't see why Talga would be attractive to short, especially at current levels when there's a backlog of funding and purchase agreements awaiting a single court decision that is due to be announced shortly.