On graphite I had a different take. I think they have / are struggling to find the right market for the graphite produced thru the Hazer process. Probably too much contamination for batteries, and purifying adds cost and additional activities outside their core capability.
I see the steel making opp as a lower price point option, but potentially better fit if it avoids the cost of significant purifying activities. Just depends how quickly they can validate technically and what understand what the economics are...
All conjecture at this point, but if they're not including any economics and offtake details it could be because they simply don't know yet...
On graphite I had a different take. I think they have / are...
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