BKT, page-822

Already having vested interests in both Talga and Renascor, I gladly joined the ranks of Blackrock holders over this past week. A little bit graphite happy obviously.

Each project is of course unique but I am attracted to the ‘crawl, walk, run’ approach of Blackrock. While other companies are focusing on value adding downstream from their mine and lifting their potential ceiling, the no frills modular model combined with an epic measured resource here seems well timed to capture a very nice piece of the evolving graphite market. Blackrock’s basket breakdown (with sensibly around a third of their output planned to be for the EV market), margins, ESG credentials, firming up their FCI with the Tanzanian govt, all looks great.

I’m not saying anything you don’t already know, just excited to be on board and see what financing management will wrangle. I’ll sit back, be patient and buy some more when I can. Still pretty cheap around this Market Cap imo. Not entirely sure how much of a discount the sovereign risk warrants but formalising their agreement with the govt. recently gave me some assurance.

Cheers