That is where everyone seems to not have watched the RIU...

That is where everyone seems to not have watched the RIU conference video by Warwick Grigor and Chris Gilbey or not have payed close enough attention to it.

FGR will provide graPHENE to IIM and IIM, as the intellectual property company they are, will be payed by FGR and potentially the end supplier to ASSESS THE QUALITY of this graphene and make sure it is suitable for the end user. The factory they are building seems to be made for multiple samples testing and graphene modification to suit end users.

IIM will also licence their technologies using graphene as they did with Geofabric.

So to sum up:

Ore digging (FGR) -> Shipping to Australia (not sure about this one but likely) -> Conversion from ore to graphene ( FGR/University of Adelaide, still under development) -> Quality verification of the graphene through sample testing (IIM payed by FGR) -> Modification of the graphene (number of layers, from dispersion to graphene sheets to best suit the end user specifications (IIM potentially payed by FGR/end user) -> Integration of the graphene in the product (end user like Geofabric with licence payed to IIM or not).

That is my understanding of the entire process looking at all the data provided by FGR, IIM and Far East Capital and my experience in material testing from my uni times.

I might be wrong, but it still make a lot more sense to me than believing that FGR is going to sell a non value added product to IIM that will make all the money from the entire graphene supply chain.

IIM and FGR are not a single company and it is probably better for both to be able to work together but also to be able to independently partner with other companies that exist in the newly emerging graphene supply chain while still being profitable.

Anyway, further news shall give us some information about what they intend to do, especially the next quarterly. Maybe i'm wrong and FGR is only going to supply graphite to IIM and is fairly valued and won't get much more interesting. Who knows...