Ann: Ministerial Approval for Battery Anode Material Facility, page-50

Hi Michael, interesting that you don't care what the Capex is.

At current graphite prices do you really think they will be able to pay a loan back within 5 years given the projects high sensitivity to SpG prices as per the DFS sensitivity analysis.

Guess that's why they need a price and market window of opportunity, it's a lot of money to be responsible for. Even the current cash figure of about $107m is a lot of money.

Will be interesting to see if they ever find a price and opportunity that justifies risking all those funds, wherever they come from.

Guess that's why some might care what the Capex is.