Ann: Black Rock Expands Offtake Partnership with POSCO, page-11

It's aiming for that daily gap close at 12c. Has to bounce and stay in the 12c to 15c range until decent catalyst.

I'm still in BKT (trimmed exposure as the needle hadn't been moving) and very clear returns over the last 1.5yrs have been had elsewhere. Graphite still unable to have a lithium moment, opaque pricing a real killer. No momentum and SYR has really painted an ugly brush on the ex-China sector.

Didn't expect Urbix to land before Feb as they only signed the JDA with SK On at the start of this year. Going to take time to even convince SK to progress their anode partnership let alone bring in finance support for an upstream raw material play.

POSCO wants large flake and according to BKTs preso, it still has application in lithium ion batteries. Looks like a result of their management's current site visit to the Korean anode plant. It's shows BKTs optionality in their superior product and basket but overall negligible. They need to bind this whole offtake together and get POSCO to maintain their shareholding.

JDV has planted a lot of seeds on interest in the project but ultimately nothing has really eventuated for >1 year. Where for lithium the sector is pulling the trigger on agreements and equity, graphite is remaining stagnant. Which surprises the hell out of me considering the qualification timelines and volume required for anode material.

If you look at BKTs peers, BKT is the closest to setting a shift in sentiment to the sector. They have the customer any graphite project wants in POSCO. Needs to be transformational in the sense that a desirable debt package is received, FID is reached and construction commences for Module 1.

Their headcount is a lot in the exec suite, they built it out and now they really need to show that they can deliver. Because right now, their corporate team feels bloated with very little to show.