Ann: Project Partners complete product due diligence-GPX.AX, page-43

I can't see where all the battery chasers (ie every other graphite play except Graphex and Talga (=graphene...another red herring market IMO) are expecting to sell their piles of battery graphite - which collectively are orders of magnitude larger than current global demand - when China is currently servicing 100% of the market and aggressively ramping up their battery graphite production. See quote below from this article Elon Musk: Our lithium ion batteries should be called Nickel-Graphite

Today, 100% of natural spherical graphite is produced in China, and last year alone production expanded by nearly 50%. Increasing demand has seen prices of uncoated spherical graphite increase by 10% in the last two months.

So all the battery chasers have to compete against China, which explains why there's no actual battery graphite offtake agreements anywhere with the Chinese (the "binding" ones Magnis announced with Sinoma and SinoSteel two years ago have both quietly slipped off into binding heaven)

BUT, the Chinese don't have any of the good expandable stuff - what they have only expands 250x whereas Graphex is 1,500x - which is why they are so keen to tie up the Graphex deposit.

BUT WAIT, THERE'S MORE! The Chinese will be taking ALL our graphite, not just the super expandable stuff, and what's not used in building materials will go into other uses, including batteries.

So as it's turning out (more by accident than design - a bit like Stephen Bradbury winning gold in the ice skating), an offtake agreement with the Chinese for our expandable stuff will be the Trojan Horse into the full spectrum Chinese graphite market.

Logically, in 3-4 years, Graphex could well become the world's largest graphite producer, as the expandable market just for the Chinese building materials market, is larger than the global battery market.

I'd be very nervous if I had shares in a battery chaser.