Worth reviewing the old Graphex (which then turned into Marvel...

Worth reviewing the old Graphex (which then turned into Marvel Gold).

Whilst the market cycle wasn’t as positive as it is today, this asset still had its own challenges and lacked the level of technical work that JdV and the team have done, which has resulted in the Posco relationship being formalized.

It will be interesting to see what the market / pump squads think of this asset a second time around, you can be sure they will be drawing comps to BKt to talk a value gap. However I won’t be basing any historical data or value the stock will trade at as a worthy comp to BKt in the short / medium term. Still plenty of work to be done on their asset until it’s technically de-risked and the likes of Posco would be willing to play ball over and above an offtake (equity investment + capex prepayment)