We know how good our resource is but what really sets RNU apart...

We know how good our resource is but what really sets RNU apart from any non developer that I have ever come across is the $185 million government funding, meaning we could potentially get to production with no dilution what so ever. We were always a good chance of getting big government funding and that is why our SP had run so far so early. We are basically 100% funded, any extra required towards the end of the PSG build can be paid for through a number of ways. Selling flake, prepayments or a very small equity buy in.

RNU does not actually require binding offtakes. These are required to help gain funding and we already have. Buyers are lining up now and there will be more in the future. We could quite easily sit back and auction it off to the highest bidder, bit like PLS does with it uncontracted spod. We know the demand is and will be there. Buyers will want to test it though and that can be done easily enough.

In saying that we will get binding contracts with POSCO and my bet is it will come with a sweetener of a minor role JV with them to produce anodes. Also believe that they will gain an equity stake in RNU as part of the deal.

Our conditions for the government loan is quite simple, we just need the permits and paperwork completed. This is because we are much more derisked than another company that must prove itself with stage 1 before being able to touch the cash. That info is in the original announcement regarding the funding.

We could be at this market cap on the flake alone. The PSG will blow it out of the water.

As alluded to above the current production of PSG is relatively small and 60 ktpa is huge. NVX is looking at 150ktpa of synthetic graphite but that is not expected to the end of the decade from memory, we may be there by then. Most I have seen discussed are much smaller, like 10 ktpa.