Ann: Funding & Market update, page-679

The profitability problem for the company with the 4% TGC will be a problem no more once they are producing just 6,000 tpa more than they were before. The problem wasn't with their grade but the size of the recommissioned plant and the juggling required to be continually optimising the synergies of graphite metrics. That "pilot" plant and the years of hands-on experience has given the company priceless IP and real relevant data for a DFS that shzould be as accurate as you can get... holding them in good stead for the future.

No testing in controlled environments of labs using composite samples... no assumptive conclusions or hypothetical scenarios that can only result in major issues from the start of production and likely ongoing for at a year if not two.

As everyone is learning (companies, investors and shareholders alike), graphite is a huge learning curve. The smart ones avoid the graphite space... it's like a trap even for company directors who think it's straightforward. No DFS changes the inherent nature of graphite. It's not like commodities such as gold, coal and iron ore... it's delicate, it's awkward and it's misunderstood even by mining experts who are not experienced in graphite processing.

I don't have to defend that company you continually refer to because I'm heavily invested in it because I'm not (I have told you that at lest 3 times). I defend it because their graphite is hosted in kind-to-graphite regolith and they now have what it takes to be successful... all the optimisation secrets specific to their resource and a business model that got them to production.