It's been a while since I've checked the market cap valuations...

It's been a while since I've checked the market cap valuations of peers vs the graphite resources they have proven.

Obviously there is much more to it than this very rudimentary comparison, which should include balance sheet strength, commercial agreements/partnerships, pathway towards production, offtakes etc.....

Valuations of almost all graphite companies on this list are down 3-7 times from their previous peak in 2022 - predominantly driven by graphite supply/demand. pricing, and general market sentiment.

Still, looking at Volt's Bunyu project alone and excluding Zavalievsky (which has an estimated ~6.3MT of contained graphite per Russian code) - there's a significant disparity valuation between peers with similar size deposit. Yes there are several good reasons for this, which most holders would be acutely aware of... weak balance sheet, pathway to production / Bunyu funding, ZG Ukraine risk, no cornerstone investor on register, no offtakes for downstream product, missed timelines etc.

The potential for a rerate to align closer to more progressed peers has always been there, however the implementation/execution has fallen short of SH expectations to date.

A few key milestones need to be met over the next 3-4 months, and if they are, a rerate is well overdue.

GLTAH