No offtakes or $2 party., page-21

Same thing happened in Sept leading up to end of Qtr expectation. FOMO's jumped on board. Now the FOLO's are moving for the exits.

Still no change in graphite market fundamentals. Everyone else looking to secure Chinese deals while MNS light years ahead with market development. Most companies don't have the tech expertise to do what we're doing. Most will be bowing down to the Chinese pleading for a deal at their prices. Yes offtakes will take time but it will be worth it in the long-term. Everyones timelines are shifting out and we will still be one of the early producers in 2018.

If VW's projections for EV production turn out to be true, the problem we will have is setting up flexible contracts to account for future growth across multiple end users - balancing the supply needs of each customer.