Ann: Environmental permit approved for Talga's graphite mine, page-111

"the last 3 years have set you back quite a bit."

In what way? While waiting for permitting approval the company was still going through the extensive trial process with customers and continued to develop their technology. This doesn't happen overnight and will be the same process that every other anode producer has to go through. The timing of advanced trials converting into purchase agreement negotiations and permit approvals being granted are within about 6 months of each other if we look at the initial ACC announcement.

Currently Talga's only other real competition in the European anode market is Vianode, a synthetic producer and Beowulf who have some mediocre resources yet to be permitted (also well below Talga's cut off point). Beowulf will not be fully integrated either, relying on third parties to develop their anode - including China which defeats the whole point of a secure supply chain.

Make no mistake about it, Talga has first mover advantage in Europe by a long way.