You are one confused investor. Based on the number of thumbs...

You are one confused investor. Based on the number of thumbs ups, a lot of the same here as well.
Just about every other graphite juniors pivoted after SYR to down stream processing. Fair enough, a pure mine on bog-average graphite deposit is not going to get funded, they see the writings on the wall. Kwinana WAS the pivot, it was the BAM facility on pie in the sky numbers - fine at the time, everybody did the same.

Reality is it is more sensible to do what NextSource planned to do - licensing existing, proven and closely guarded IP by major producers to build the BAM facility. This path is likely pushed by NextSource's institutional funder in any case as any actual industry player would know. Not grabbing some university academic on a 'novel - read slightly altered' process, try to patent said process to put lipsticks on it, never retaining much of the technical IP base in-company (unlike say, TLG) - that the same academic then assisted a rival to do something similar, and ensueing legal argy-bargy about some unproven therefore unfundable process. But ultimately, the downstream path is a capital intensive, highly competitive space with moderate returns (just have a read of the recent DFS of similar companies more advanced than you, yes by having a DFS is by definition more advanced than you) - you haven't even chosen a replacement site yet months after abandoning Kwinana. Trying to build BAM on the cheap? Good luck you'll need lots of it.

Ask yourself after EGR raised money to develop Kwinana then did an about face, who is going to tip more into this company via equity? What's stopping EGR to become a Bitcoin miner for that matter? There's zero credibility left and I'm amazed the equity holders of that raise did not take EGR to court over the misleading conduct. With share price at this level, and relative size of the project(s) to market cap, it's not pretty for any graphite juniors but those with somewhat of a higher market cap left are at somewhat of an advantage, so spare me the RNU vs EGR comparison, by market cap they are way ahead of you in the game, for now. As for debt? Debt means risk assessment, lots of it. The bigger the pie-in-the-sky, the more nebulous components like 'novel methods', the higher the risk:- nothing on the EGR's chosen path says low risk. It's not happening folks.