I agree spid81.When a company does a CR it usually does so for a...

I agree spid81.
When a company does a CR it usually does so for a stated reason. What would the reason be? Just to have more money in the bank?
Remember it was only 7 months ago they raised $15.8m and the final $2.6m instalment in December from the 25% sale to AAM.
Let's assume today they have ~ $8m remaining. That is more than sufficient for the next three months.

By that time the Cerenergy DFS should be released and IMO the DFS is being held back until they can announce an offtake agreement.
Iggy has said 'it's completed but we in a process of review and optimisation'. He's been saying that for a while.

The estimated revenue and and hence sale price of the batteries must be accurate and agreed with the offtaker as they require that agreed price in the DFS for finance and the grant applications.
The Cerenergy DFS is not like the Silumina Anodes DFS where they can just make up number.
The analyst's report the Arsenic posed said:
'The company has arrived at its Silumina Anodes products price assumption (€41 per kilogram of Silumina Anodes) based on current graphite costs used in conventional anodes and has applied a reasonable premium'

That's fine for that project as the qualification period for the product is out of the company's control and is expected to take 12-18 months and on top of that the delayed pilot plant won't be fully operational until mid-year now.
If qualification is successful what will be the offtake price? €41 per kilogram? Unlikely IMO.
Grants and finance for Silumina Anodes can then follow, but they will also at least 18 months away.

My point is they can get away with an approximation for revenue in the Silumina Anodes DFS as offtake discussions are in the distant future.
Not so for the Cerenergy DFS, as they are now in advanced negotiations with the German utilities.
Iggy has said an offtake agreement can be conditional upon successful testing of the batteries. The agreement can be made now. The utilities already have access to Fraunhofer's test results for the 10kw packs. The performance testing of the 60kwhr prototype packs should yield similar results and I expect long term tests will be ongoing for years.
I think they'll announce the DFS along with the offtake and let the SP rise.
If it does go above 12c watch the trade volumes, as Deutsche Balaton has a history of 'selling the news'. My estimate is they have 16m shares they can sell without ASX notice. Push the SP down, others pile on to exit and then comes the CR with the 15 -18% discount etc.
DB support the raise and is once again seen as the white knight. Rinse and repeat.
DB knows when the next CR will be, as old Wilhelm has his man Hansjorg Plaggemars on the board.

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