This also means the government loan is out in the current...

This also means the government loan is out in the current format. It had conditions on the original phase 1 being successful as in profitable.

"Export Finance Australia has advised the Company that it’s received conditional approval from the Australian Government to make available a loan of up to US$40m to assist EcoGraf undertake the planned expansion of its Australian Battery Anode Material Facility. The proposed loan is subject to a number of conditions relating to completion of all due diligence to the satisfaction of Export Finance Australia, the successful construction and commissioning of the initial 5,000tpa facility and the execution of material agreements for the expansion construction, operations and sales arrangements. These conditions are customary for project financings of this nature, or otherwise required under the Critical Minerals Facility."

Now no more phase 1 to evaluate the risks of putting in tax payers dollars. Some company just loves pre-development stage and would do everything to stay there forever.