Talga Competitor??, page-7

Pabs

I agree with you that demand exceeds supply for graphite, and therefore it is imperative to own and control the source of the material in order to be able to enter into meaningful long term supply agreements with OEMs that in turn would support the finance of the underlying infrastructure capital expenditure required.

I also agree with you that the OneD Sinanode is an additive rather than a complete product. I disagree with their presenter that supply is not a concern, relying solely on the OEM to supply the graphite material. I also would have concerns that the additive could be superseded by other technologies in the future. Large scale production is not yet demonstrated either.

It is clear from Benchmark's introduction that there is a significant graphite supply crunch coming, which will impact the price of all graphite, whether natural or synthetic feedstocks such as needle coke.

The elephant in the room is the ability to supply green credentialed product from a CO2 perspective to comply with looming regulatory constraints in major markets such as Europe.