Moderated, page-23

"Odds on this one still below 50/50"

We can agree to disagree on that one. For me it's always been as simple as this:

• E.U. auto manufacturers need to localize their supply chains as much as possible to secure a future in the E.U.

• The E.U. is keenly aware of the importance of the auto industry to the economy and has therefore made it a high priority to secure domestic supply chains where possible

• Vittangi is likely the best graphite deposit on the planet for natural graphite anode - capable of beating Chinese producers on both price and quality

To me, that's a high probability bet. It has nothing to do with Talga - simply a matter of the free market finding its way to producing the cheapest possible battery. Obstacles have a way of sorting themselves out when macro forces this strong are at play.