Spare Capacity, page-148

You choose to see "the upside" but unfortunately many prospective investors see downside risks in the following:
1) Commissioning is likely to be late,
2) No Framework Agreement,
3) High grading the ore will result in dilution between low grade and high grade. The only dilution allowed for is 5 percent waste. The difference between ore and waste is visually distinguishable but less so between low grade and high grade. Low grade dilution could be much higher than 5 percent.
4) Bottleneck at undersized primary crusher as indicated by the small grizzly openings
5) Poor recovery and flake size retention
6) Poor graphite prices with China demonstrating
7) Credit card interest on $25 million debt plus Gemcorp entitled to extras not in WKT's favour.