Its Time, page-12

The company has a high quality deposit in grade and split and they have found customers to fill out planned production. No comment can be made on COP as they never achieved a full run of production, however based on the feasibility and the prices they were getting on their contracts, operations would have been comfortably profitable in what is downturn in graphite pricing. The greenies or local groups were never a problem, all process amendments (water management) and such were borne from the formal EIS process. The company never spun itself as high tech, it stated it was a provider of a wide range of graphite product including specialists ranges which have high end tech applications that few else are in a position to do. The fact they haven't gotten these types of customers doe not mean they have failed at this, customers of these products have qualification periods of up to 3 years. It was not some hail mary spin which FDR has resorted to.

The senior management run the day to day, not the board. The board afforded them the time a scope to deliver the business plan full and they have not done that with them failing at getting the engineering right and moving the company towards successful production. CD to his credit has set a good business plan, put together a good marketing team who can get deals done but he has proven not the be the one to get production happening. The board has acted by moving CD aside and bringing in someone with the experience to get the rest of the job done. Trying to spill the board or send them a "message" is not going to do much but compound issues. The only issue I still see, which Fish and Ousia have raised, is that the company has reigned in growth expectations and forward plans in their more recent announcements, which only confounds the uncertainty that has been created by the company's opaque communication style.