I'm here with a small parcel that's free carried so happy to...

I'm here with a small parcel that's free carried so happy to have small exposure with very limited risk.

But to me there's a few red flags that it's worth bearing in mind and this is why I like holding a variety of companies in different markets to see how they perform and to compare against other companies and management's execution:

1. Offtake discussions with no signatures for over two years - speaks for itself.
2. Timelines and delays occur, but these are management's own timeframes that they haven't met. Even worse, they have now stopped putting in timeframes and guidelines in any new presentations. Means the project is limbo and they have no actual goals or incentive to move the project forward or to an achievable time frame.
3. Graphite prices currently are in the gutter. Hence why no offtakes. Other graphite producers are not profitable either.
4. Synthetic graphite and China own the minerals space market and will be very difficult to compete against their market share. You can see what China have done with Lithium, REE's and look at Indonesia with Nickel.
5. The time frame for construction, cost and CapEx will all blow out by 4 - 5 years before any construction and production can be seen here.

Things may change in the future but I wouldn't be starting to invest in graphite in this current market and given the above facts.
Investing success is being able to adapt to changing market conditions. What looked great three years ago, doesn't mean will always look good. Need to be able to adapt and adjust accordingly.

All the best