to be fair, while i do think it was a missed opportunity to...

to be fair, while i do think it was a missed opportunity to execute a > material raise in the mid 20c's then they did, there has been a confluence of factors, mainly China flooding the anode mkt with synthetic graphite and an ambiguous IRA initiative from the USA that have been outside of the company's control.

Investors seem to forget the amount of work and time it takes to get the product qualified and JV with with a company like Posco.

That said, it is crunch time now. They either find a corporate to enter at project level or we will continue to face the prospect of further dilution. All of this has been articulated many many times by management in investor presentations.

One point i can get my head around is if POSCO is committed to dropping US $40m into BKT while remaining capped at 20% ( the math on this is a major concern re a potential discounted placement) then why wouldn't Posco bid say US $100m for the entire project. I'm sure Posco could finance the build out to production at better terms than BKT and they could dial up or down supply for their battery and steel business as required.

In the short term keeping an eye on share registry re Copulus substantial holding. He has traded this well in the past.