Bell Potter Report, page-22

The report has a point though re. financing, when it mentions the split equity/debt.
It could very well that a large dilution is on the cards if equity is issued to the offtake partners, therefore capping any sp gain for the moment.
Plenty of graphite stocks have been hyped for the wrong reason with absurd sp targets so I don't mind (like Matt) if they are super duper mega conservative. If the sp just creeps up a bit it will still be in range of their price target, if it rockets (as we all hope), none will go after them to say "boohoo you were too conservative"
That's called hedging your bets...