No one knows anything in the future in absolute terms, would it...

No one knows anything in the future in absolute terms, would it make you feel better if I began every sentence with In my opinion. Anyway let’s look at the big statements.

1) SP will be no less in a couple of years because of this downturn and progress unaffected - In a couple of years when we are hopefully fully ramped up our SP will be based on multiples of our profits. It makes no difference if the SP is $1 or 1c right now.

Since we are fully funded we are not affected by banks and others tightening lending or not wanting to invest large amounts of cash into developing projects. Planning approvals are not affected. Building the mine is not affected. I’ll say it again, this downturn has no affect on the progress and future SP. If you can think of an aspect of this downturn that materially affects our progress let me know because I can’t think of one. If this sends the wider economy further down that will mean even more support from state and federal governments to create jobs etc.

The price of graphite will obviously affect the SP, graphite prices should increase if investment into new projects slows. Slowing future supply. Demand will need to remain high.

2) No less EVs will be sold. - So I’m basically saying that the amount of people not purchasing an EV due to the downturn. (I.e. investments have dropped etc.) will be replaced by others purchasing who may not have without the higher petrol prices that have accompanied this market and the positive affect of more progressive governments taking stronger action on climate change. Yes it an assumption but as I stated there is a massive wait list anyway so even if there are less new buyers it just means the wait list comes down rather the the numbers sold.

I’ve probably just repeated myself. If you or anyone else can find any holes let me know. Has anyone seen anywhere that EVs sales will drop as a result of this market downturn.

So all of the announcements we are waiting for PERP, revised DFS, binding contracts etc. are all great and will help send the SP higher in the short to medium term.

Long term it is about progress on building the mine and supply (new mines) and demand (EV’s sold) which will dictate prices of graphite.