It has to be said that Magnis would absolutely want those...

It has to be said that Magnis would absolutely want those options to come into the money. A lot of the hard work has already been done and it's an easy way to raise approx $40m and reduce the required funding from other sources. Should these options lapse, that is just additional pressure on other raising options, and also a lot of extra cost associated in raising these additional funds.

Hopefully the SP comes positive again to assist in these raising requirements.

I might also just add that Magnis's venture into AAM territory is new and has not been considered in any valuation I have seen.

Tesla's Offtake is a sign of Nachu Graphite meeting their requirements and positive testing of C4V's anode materials. Rather than offtaking directly to the mine, Tesla has opted for more a more direct end product to remove the steps and responsibility of processing. While the AAM will be an additional cost to the company, I expect it would have a positive NPV and be very beneficial in the long term. Now it's just a matter of getting the finance and the projects underway.