BKT research / Graphite sector research, page-517

It seems we will be now heading into Q4 of FY23 before any announcement from BKT regarding project finance. I just re-watched the youtube presentation by John at the Paydirt conference in Perth, and noted that he mentioned specifically "...we are in the process of completing final documentation for Posco's offtake as well as completing final documentation for a debt process" (at 2.05 - 2.15 mins). The only issue I have with this statement is that this particular conference was not the one held in Perth last week, but the one from April 2022, a year ago. The 2022 presentation is almost the same content as the 2023 one, just the latter has stretched timelines. A year ago, John mentioned major construction activities were to start in Q3 CY22 (at 18.00min). I've watched a few more old presentations recorded within the last year and its always the same story - debt financing, term sheets etc were on the "verge of being completed and soon to be announced". I've no issue with the project itself and John's presentation - all excellent - but his assurances over timelines are now wearing a little thin. There's a flow on effect from all these delays of course - construction, first graphite production, revenues etc keep getting delayed and the dates pushed back.

All IMHO, DYOR