Hi BombermaddI think they are very optimistic time frames, first...

Hi Bombermadd

I think they are very optimistic time frames, first of all you don't have a fully approved mine, or a site to build a PSG facility. Just look at GR Engineering's progress with another PSG company, it took them 2 years to complete the study and the detailed engineering for the regulatory approvals.

We have already discovered no one knows what the Australian Governments conditions precedent are for the $185mil in funding. I would have thought RNU would need to raise the Equity for the development ~$28mil plus the OPEX for the mine and PSG facility.

It is most likely RNU will need to secure binding offtake agreements for all of its flake graphite (40ktpa) Current zero offtakes or MOU)
The PSG - 28ktpa - upto 60ktpa - MOU
and the 15tpa of Fines - Zero offtakes.

You only need to look at the history of Export Finance Australia to see offtakes are one of the most significant aspects to secure funding.
Currently RNU has zero binding agreements and with the significant doubt over their PSG purification method, its unlikely the MOU's will progress until this is resolved.

BTW - We haven't heard any comments from you regarding RNU's objection to EGR's patent, you were very vocal about Dorfners objection, it appears once you worked out the only 2 companies in the world who have objected are related, you are completely avoid the topic,

Could this be due to the processes being similar and RNU might have significant new testing to avoid breaching the patent if its approved?
And is this why you have looked at Urbix for a second option if RNU and Dorfner are unsuccessful with their objection and own purification method.

I am surprised RNU is yet to submit the documents associated with their objection, They had discovered these documents prior to the 16th of March,

Oh, what is happening with POSCO, it has been 8 months with no update on the progress, BKT had regular update with its partnership with POSCO. Has this agreement fallen over?