Rocko, no offence taken at all. I guess I know that part of my...

Rocko, no offence taken at all. I guess I know that part of my message must be coming through to some people if they can now speak for my investment style without me needing to correct them. ;-)

Ryphil, I agree with all your points, especially about graphite being a niche product. I've said numerous times that graphite is everywhere, and the most important thing at this stage is whether there are buyers for the graphite. In particular, the largest determinant of whether a mine makes it into production is the immediate future demand, not next decade's potential demand. On this front, KNL are clearly the front-runner once they convert their TK off-take. I do acknowledge there is still risk in this, and don't begrudge anyone sitting on the sidelines and waiting to see binding confirmation of the off-take, although it's likely they will pay more once the confirmation comes through.