Good feeling, page-15

Yes - "Studies relating to future potential projects estimated uses to 30 June 217" only covers US$5m for further studies into the SGP Plant - not the additional CAPEX requirements.

SYR have already announced Initial capital expenditure of approximately US$80 million for the Spherical Plant - figures complied internally with the assistance of Chalieco.

Also on the Vanadium Project - Scoping Study completed by Chalieco supports viability of vanadium at Balama, subject to future successful feasibility study work....Development capital US$80m

Those are the additional CAPEX requirements I'm referring to that will require vast sums of money - that is if they plan to proceed with them - and those figures are very preliminary figures.

Does anyone know how they intend handling the Recarburiser Products? Are they sending the raw product (graphite) to someone who specialises in producing these pellets, or is it something they plan on undertaking themselves?

"do you honestly think they are just taking a punt , or do they know something more than us."

Honestly, I'm not sure. Are insto's given information on items the rest of market is not? Can't answer that question. You may know more about it than I.