Ann: Black Rock Signs MOU for Rail Transport from Mahenge, page-9

It definitely can be frustrating when the market seems to not see the opportunity you do. I've made my money in specs from a few rules. Tier 1 management (JDV has shown he's here to build a business), tier 1 asset (multi-generational deposit, validated, homogeneous), tier 1 counterparties (POSCO shareholder and offtake). If there's one ex-China anode producer you want on your graphite company share registry, it's POSCO.

Management have done everything right so far. The Urbix deal is obviously contingent on what the SK On JDA works out and how BKT's CFA benefits. Lots of moving parts, takes time. Might not even unfold if POSCO are keen to take Module 2 with their growth aspirations.

Also we are in the orphan development period without true macro tailwinds just yet. It's gonna get dicey at times. Markets are dicey right now. Massive opportunity when the market sentiment ignores the impending supply squeeze for validated product. Sentiment can flick very quickly.