IMO this is not the case @ganginvestor. I've included an old...

IMO this is not the case @ganginvestor. I've included an old slide to help explain.

The "Graphite ore" falls in Stage 1 - which is essentially turning it from mined ore into Graphite concentrate. The ore is being sent to a Pilot production plant to turn it into Grpahite concentrate. The concentrate will then be sent to the "customer" for evaluation, this being the same company looking provide funding for Bunyu / partner in production. Strong chances that they are an integrated supplier of critical minerals & raw materials including graphite... e.g. such as this group Advanced Metallurgical Group NV https://amg-nv.com/

The NYSE listed company, given they are a battery producer, would require battery anode graphite (CSPG) from Stage 3 or SPG from Stage 2, depending on the type of batteries they make. This is the one which is targeting an signed offtake in this quarter, most recently announced here - > https://www.investi.com.au/api/announcements/vrc/d7cc8693-2dd.pdf

To be clear, based on announcements received, both of these initiatives are progressing in parallel, but they are different products for different purposes.