Ann: Strategic Collaboration with Mitsubishi Chemical Corporation, page-100

My take on this is that the MOU signed with Mitsubishi is more of a big deal for MRC due to the fact that its the precursor to developing an Active Anode Plant on our turf so-to-speak. Mitsubishi want to test both MRC and SYR feedstcok using their particular anode material production technology. They want to make sure it is suitable and can be optimised using their process as the end-user.

Perhaps with SYR already having their own AAM facility plans in place, Mitsubishi are simply after their feedstock from Mozambique. MRC is a different story in that we don't yet have an AAM plant yet. However, our MOU with Mitsubishi is not only about supplying our feedstock from Skaland and (I assume later) from Mulingup, but its also about construction of an AAM in Europe in JV with them - to be a toll treatment plant for them and other vehicle manufacturers. At this stage, though, we can only guess that we will be using Christoph Freys HF free purification process (PSG) and incorporating Mitsubishi's coating system. Without any specifics, its hard to say what the arrangement is going to be, but it certainly reads that way. Perhaps that is why MRC sent 16 tonne to Urbix... to get some Skaland graphite concentrate turned into PSG which is to then be sent to Mitsubishi... ???

As for SYR not announcing the MOU they have signed with Mitsubishi... well, a non-binding MOU for a potential binding offtake is perhaps not such a big deal in SYR's view or they had intended to keep hush-hush so as to keep competitors in the dark. Who know? Lol. What we do know is that if and when they do disclose it, the news will be good for the entire sector given that they are the "bellweather stock" for the graphite sector. Good news all round - the sector is heating up! MRC are in a great position too!