Bulk ore sampling was done at a pilot plant location and not...

Bulk ore sampling was done at a pilot plant location and not from the BAT commercially producing flake concentrate plant (yet to be built), hence until commercial bulk flake concentrate samples from the BAT commercial flake production plant are verified meeting lab samples, then the end user requirements are not satisfied.

All of the pseudo-offtakes you listed are intents to purchase based on a number of milestones that have to be met by BAT with the most critical one being the BAT commercial flake concentrate plant be constructed, commissioned, and calibrated to produce bulk concentrate samples to complete the qualification cycle.

I know the Urbix company and they are processors or traders as are all of the other MOU's that BAT has signed which means BAT has no experience sales personnel in graphite they can rely on so they choose to forgo 25% to 35% marginal revenue to supply concentrate to middlemen to achieve market presence.

None of the MOU's indicate product mesh size, only stating purity which is incorrect using TGC when LOI or Cg is industry standard and end users formulate to total ash including volatiles. There is a distinct difference between TGC and LOI in purity reporting. LOI (loss on ignition) is the standard purity reporting value to determine carbon content based on total ash. TGC (total graphic carbon) is used in determining head grade of an ore resource measuring both organic and inorganic carbon to determine head grade. For example, a 95% TGC is reality may be a 96.5% LOI, so end users require LOI values along with volatiles and moisture content of a flake concentrate.

Syrah is run by previous iron ore executives who have no idea how to run a graphite project choosing to enter the market with a commercial plant that has not been properly calibrated, focusing solely on quantity over quality, hence to meet lofty production goals of ~ 300,000 MT per annum, pushing prices are ~ US$ 350 MT CIF for fines; well below production costs....a formula for to where they are now.

Why do I post to graphite stocks? I have been in the graphite industry for more than 2 decades and my interest and goal to provide sanity to the inaccurate information, incorrect the use of non-standard descriptions and nomenclatures, and believe it or not, China is not the all to end all markets, and if ANY MOU with ANY Chinese or other processor comes to fruition would be in the same category as a biblical miracle. China will say or sign anything to keep the new projects moving forward; keeping in mind they have more than 500,000 MT of available capacity they can call on at any time. Prudent market research, not relying on third party market firms who obtain their intel solely from Chinese suppliers or Asbury, and utilising industry resources that can provide guidance to make an achievable and sustainable market entrance based on diversified product offerings across multiple regions, markets and applications.