Ann: BlackEarth completes positive DFS for Maniry Project, page-19

Whilst it is true that the graphite industry is opaque re pricing as there is no spot price for graphite per se, that's not to say the pricing in our DFS is not realistic. The reason for graphite being opaque is due to the highly customised / product specification of each product application. However, I think that you are being overly critical given that the BEM DFS is not just based on Battery Minerals Intelligence for pricing data and that the basket price is also based on forecasted prices for 2024 and not beyond that.



And, there is in al likelihood that European prices will be higher than those figures published by the Chinese. OEMs will be prepared to pay a premium for ESG-compliant product also.