BKT research / Graphite sector research, page-593

Its just a pity we have so much large and jumbo flake , whereby Posco are much more interested in fines as it seems the rest of the market. To make fines is costly and maybe uneconomical against synthetic. We have so much of the product hasnt attracted any offtakes despite our samples been sent everywhere, no wonder financing has been as easy as management has implied. I have always thought this is a 2026 project and no less, and hence significantly reducing my holdings. I am still concerned about us waiting for the right deal - could have been producing next year but the wait goes on. A failure to meet the most recent timeline will be a disaster of this stock. This stock is fairly priced and is holding onto due to hope.