Ann: Investor Presentation, page-13

Blitz,

The only way the 8mil tonnes of material can have no CAPEX. is if it is being directly fed into the processing facility.
If material is being stockpiled first, there is CAPEX involved with excavating/loading the material into trucks, then moving the material to the processing facility.

I really wonder about some of the posters around here, @ppanton77 is excited about the European graphite prices, yet doesn't understand the majority of WKT's offtakes are to supply Chinese companies located in China, the Termsheets even state WKT is expected to pay for the cost of shipping.

The presentation even shows how expensive shipping costs are.