I think you need to calculate your basket price at a discount of 30% which is how much 'commodity' grade graphite prices have dropped in the last 18 months.
Your off-takes are not for the battery industry and therefore your PFS and BFS basket prices are no longer valid... unless you count the undisclosed amount Sojitz wants as battery feed stock.... but then again, anyone basing their tests on a bulk sample rather than dispersed cores is an amateur, so I wouldn't have much faith in their 'battery network'.
Anyway, basically, do your calcs. with a 30% discount to your basket price and you will see why there is such a delay on finance. Sorry, is just fact..... and netbank will be charging >10% interest because of interest rates in that region.
There is only one graphite company to get behind now days.... the race is over
