Targeting 1st production has gone from 2024, 2025 and now 2026....

Targeting 1st production has gone from 2024, 2025 and now 2026. By the Q4 update, it will be 2027. Management is trying to minimise dilution, but investors have already been diluted significantly. Mcap is ~$75m at 6.6c! at 30c Mcap will be ~$340m and this does not account for further dilution which will be coming our way. Secondly, management are only looking to construct module 1, which is not going to be full state production on which the NPV from the eDFS is based on. So the market will value the stock based on Module 1 in the near term and current graphite prices, assuming it is 1/3 of the NPV, so ball park $250-$300m risked valuation.