Ann: Outstanding Result for Enhanced HPA Anode Coatings, page-30

Button batteries are simply the medium for laboratory testing. Same chemistry, different scale. Think of a large EV battery as being a pack of hundreds of button batteries. So yeah, these performance test results are applicable.

The main growth driver of LIB consumption in the next half-decade will be the EV sector. ESS applications will be up there too. Yeah, if the EGR/FYI R&D continues to progress favourably, the JV may ultimately capture a chunk of the SPG coating market.

As @spid81 alluded to, there currently appears no real downside to HPA coating of SPG - with plenty of improvements on the standard carbon coating. The key will be the timely progression of further R&D work and later economic studies - hopefully leading to commercialisation wih the likes of Alcoa involved, possibly with first mover advantage. As spid also mentioned, others are playing around in this space.

All sorts of external factors are presently subduing the SP, not to mention the ongoing shorting activity. In my opinion, the SP long ago decoupled from a representation of fair value. The many visiting circus acts to the EGR threads will be happy to offer an alternative. If you intend on holding LT, I'd suggest disregarding SP in the short term. The dam wall will eventually break, the shorting will cease (we may learn of the shorter identity and purpose) and major relationships/binding agreements wil eventually be formalised.

All is progressing well on the downstream processing front. Epanko remains the major unknown, but is now looking much more a matter of when than if.