Ann: E25 HPMSM Project Update, page-11

I keep am eye on these having had substantial, to selling out completely in Oct 21.
The cap raise in March 21 talked a good story, but failed to deliver much of the promise.
All I can see now is continual carrot dangling with HPMSM, but they don't really appear to be any closer to delivering anything that will ever pay the bills.
I owned a large Australian unnamed graphite producer, well financed producing a quality product with some issues similar to here.
They started talking about Battery Anode Material produced in the US in about 2018. Have a look at the chart.
The raw material side of the business struggled to break even, all the while there was promise of BAM. Big Awesome Money.
By the time they found a site, financed the facility and started producing something for customers to test s/p had dropped from around $2 to sub 50 cents.
They have eventually risen back up to over $2, but there is funnily enough been a massive increase in the number of shares on issue, most of which was done at fairly heavily discounted prices.

I see the similarities here. I have a few doubts, but suspect eventually there will be an investable story here. Eventually.
That story does not involve the raw product!
If they are lucky it may keep them afloat, but still looks more likely it will weigh them down.
For me, there will be plenty of opportunity to re-enter, should I wish to, when completion is a when not a maybe.
IMO the s/p is most likely to follow the unnamed graphite producer path of 2018 and may be worth another look in 2024.