BKT research / Graphite sector research, page-441

Im a holder, so want to agree, but again, that only applies post stage 4.....and when the numbers stack up the same way as the spreadsheets said they would.

What is our Npv at stage 1, stage 2 etc....how much is already priced in for our stage 1, maybe stage 2 with urbix's contribution. Seen many a company claim they can fund the rest of the stages via cashflow but with many prepayments (so limited cash inflow in the critical stage Dev phases) and typical teething issues, safe to say that the can may be rattled a few times (which I'd prefer over debt financing at 15% in this rates enviro...)

As my chart of many companies that have "made it" demonstrate, you only really begin the full nPv realisation beyond "green spot two", after all production hurdles, operational hiccups, debt/cap raises....in between we will experience that boom bust gyrations as we hit n miss targets.

but agree, stage one typically overshoots fundamental value. May even 3 times current max, so 40c'ish (~$400m mkt cap -maybe excessive given talgas about that?) seems a likely medium term target....then the fun starts....dont ever expect a straight shot to nPv. It's gotta be earned the hard way...playin it optimally is what I'm interested in....