Ann: MOU signed with leading U.S. Downstream Graphite Processor, page-65

They do need to prove up more resources to extend the mine life but from a relative value perspective BEM is very cheap capped at $14m with an $9m EV. For example their resource is 1.3Mt contained vs Hexagon's 1.1Mt which is capped at $35m. Some of the other African projects which only have 3-4Mt contained are capped at +$50-100m albeit they have completed their DFS/BFS. For now BEM should fairly trade around the $25-30m mark (20 cents) and as they move down the development path/increase their resource should rerate to trade closer to its peers.