Ann: Talga Signs Supply MOU with Nordic Battery Maker FREYR, page-310

The AAM technology is where the real money is at. Sure permitting is key, but without the correct graphite and technology the revenue will not be much.

If you look at Syrah Resource they have Funding agreement, Offtake agreement for 8ktpa and Mine Permitting until 2038.
No cap on graphite ore per year. Mine life 50 years open pit.
There value is only 825 Million. And they have 15 times more graphite than Talga.
There big upside will still come with 42ktpa feasibility study in 2022 and then off take agreement for 42ktpa. But they still have to prove there Technology. Tesla given them until 2025 to get there AAM right.
This is evidence on how long it takes to get the AAM technology right.

Talga has none of Funding agreement, Offtake agreement and Permitting and is already valued at 400 Million. I agree with you we need a plan B in case the mine permitting does not happen.


Talga De-risking:

• 19ktpa Mining Permitting Approval/Third party supply

Talga next big Share Price movers:

• 19ktpa Customer Agreement.
• 84ktpa Feasibility Study.
• 84ktpa Mining Permitting Approval/Third party supply
• 84ktpa Customer Agreement.

Natural Active Anode:

• Current Market Cap of 825 Million.
• Completed mine permitting, not capped at 19ktpa, with permitting until 2038. Open pit mine with mine life 50 years.
• Graphite Mineral Resource of 1,422 Million Tonnes at 10% TGC, Graphite Ore Reserve 108 Million Tonnes at 16% TGC.
• Off take agreement for 8ktpa AAM completed.
• Funding for 11ktpa facility completed.
• Operating Cost per tonne of Active Anode Material $3,109 per tonne.
• Natural Active Anode medium price $5,471 per tonne.

That's why I believe best play is to wait and see what happens with the 19ktpa mine approval and get in after that. Derisk from the whole initial permitting to open new mine. That said we don't know what permitting road blocks awaits for Niska underground mine expansion for 84ktpa. Cause the 19ktpa mine is open pit.

The massive upside is when Talga gets 19ktpa and 84ktpa off take agreements.