As a long term shareholder, I thought there would be a re-rate...

As a long term shareholder, I thought there would be a re-rate when we got FCI signed, when the banks signed on and again with BKT's $40m. The market doesn't seem to care about these things. We must remember that the graphite price has been terrible for the last 18 months. SYR still has 300kt p/a of fine flakes to dump on the market as soon as the price recovers somewhat. Chinese synthetic graphite producers have been dumping vast quantities of their product on the market at below cost. EV sentiment seems to have crashed, even though sales are still growing at a good pace.

Let's not forget that the solution to low prices is low prices. When the graphite price recovers, and the fundamentals say it will, BKT will stand ready to take full advantage of the shortage of high grade graphite flake.