Based on commercial production? Production which may or may not...

Based on commercial production? Production which may or may not happen? Interesting there is NOT ONE END USER only processors that have been contacted...are any of these potential processor customers willing to pony up US$ 20 to US$ 30 million or more up front with no guarantee of production or return on investment; all based on a resource with no current production? As well as no guarantee that the entire signature source will be consistent in chemical and metallurgy and able to meet a customers STRICT specifications?

I have seen graphite operations where one pit will vary widely in chemical signature from another less than a kilometer from other graphite pit locations. Variations can disqualify one region of the mine source from another for specific market applications.

A potential customer may or may not evaluate lab or pilot plant samples and will only move forward with some type of initial supply agreement for ~6 to 12 months for a new graphite supplier to meet consistency and logistics standards, but will not enter into any long term unless there are critical extenuating circumstances in supply, which will not happen anytime soon.

Also, as I have said on many occasions, there are NO OFFTAKES in natural graphite....ALL graphite has to be qualified and no company in the world will risk significant resources, consumer confidence, or product liability on a flake graphite product that has not be tested or commercially produced.

Former industrial bulk minerals executives, as well as attorneys who lead graphite companies, continue to apply non standard terminology for bulk industrial minerals (i.e. iron, magnesium, cobalt, or lithium) to the graphite industry where it does not apply.