They were recently granted approval for a new $40m debt facility...

They were recently granted approval for a new $40m debt facility from the CRBD Bank. They have another for $53.4m from the Industrial Development Corporation which means the CR is for the rest to build the first module of their mine and concentrator plant to meet their POSCO off-take.

We need to confirm POSCO's timing of their stage 1 AAM plant build, ramp and size to know when and how much flake graphite they'll require. We should be right for POSCO to take up the 5kt/mth in the second year. POSCO will probably need a minimum of 90ktpa fully ramped for stage 1. 2kt/mth from SYR to begin the calibrating and ramping in the 1st yr, 5kt/mth in the second year as they increase production and 30kt from BKT to get the AAM plant to nameplate.

POSCO have an off-take to take all of BKT's fines flake (28ktpa/module) from the 1st 2 modules. They'll be doing well to have the 2nd module built before the end of the decade.