Great point Beach42. It's crazy that Talga's anode is that good...

Great point Beach42. It's crazy that Talga's anode is that good it has been priced by the leading price reporting agency (based on it's characteristics and customer feedback) the same as premium synthetic graphite!

This was also outlined in the DFS:

Considering Talnode®-C's performance characteristics akin to premium-priced synthetic graphite anode and customer feedback, BMI assessed Talnode®-C to be a high-end graphite anode, positioned between its High and Mid-range reference prices for Tier 1 EV anode.

This study reference price, underpinning the Project NPV and financial model, is variable over LOM and at a discount to the high end anode benchmark. The calculated average weighted input price over the 24 years of LOM is US$12,312/t anode and is forecast as a flat price of US$11,875/t anode from 2030.

The BMI price assessment assumes pricing FOB China and no tariff advantage on duties imposed on Asian anode materials which may come into place under the European Battery Passport. Additionally, green anode products could achieve a price premium based on low emissions footprint and benefit from support mechanisms, both at EU and national-levels, whilst avoiding financial penalties (e.g., levies and quotas) given for non-compliance. Therefore, Talga sees further upside to the forecast over the longer-term if carbon pricing is fully captured in the graphite anode supply chain.

In other words, Talga have used a lower average price in the DFS but the prices are set to increase between now and 2030, before settlling again from 2030. With price increases and higher graphite percentages the business case only gets better $$$$$

Why sign deals as prices are rising (a la SYR) when Talga are in the box seat. The wheat will be sorted from the chaff sooner or later.