Assays will provide confidence. "Initial Observations" is not bankable.
Only 262mil shares on issue? If the UNXO options are in the money, then the diluted position is 473.4mil, plus another 19.2 of unlisted options = 492.6mil fully diluted.
Off-take agreement for 100,000t graphite p.a? Is this a Binding off take agreement or MOU for an off take agreement? It was reported as an MOU with a large Chinese company (SINOMA).
I deal with Chinese daily and the documentation wording is extremely important to them, "Under the MOU, SINOMA has expressed an interest in purchasing 100,000 tonnes of graphite per annum for a period of 5 years with an option to extend for a further 5 years".
Chinese are very good at showing interest. However binding commitment can only be classed as bankable.
Hence why UNX is not running as hard as the likes of TON. But it has just about tripled in price this calendar year, but needs further boxes to tick.
MNS Price at posting:
27.0¢ Sentiment: Hold Disclosure: Not Held
(20min delay)