I'm not so sure that the issues canvassed here are the only...

I'm not so sure that the issues canvassed here are the only important ones. ausheds statement that companies are queuing for the VXL's graphite is fantasy in my view. It is a buyers market with depressed prices worldwide, graphite demand is not growing except for large flake last year but not this year so far and VXL's production split does not produce a high proportion in the category. Meanwhile graphite fines are almost worthless and way under the company's cost of production. It has been reported in Industrial Minerals that newcomers to the market must offer substantial discounts to the market to break in, no customers are queuing for start up producers, that's why VXL was forced to turn to a sales agency to try to sell its production. Ultimately it didn't sell it and has been sitting on it for some time, waiting as it said 'for the market'. The 2016 market is even worse than last year and no price increases are expected in any category. Medium and fine grades are lower yet again. The problem i see is that without sales data we are unable to calculate what the true cost of production really is, and of course the debt repayment at high rates only adds to the COP. And now there will be more debt and even higher COP. So we can discuss the composition of the Board and the cost of increasing production but at a fundamental level is the company profitable? We just don't know and in my view that is the biggest question mark of them all.