Agreed. Companies like Novonix and Vulcan are flying because...

Agreed. Companies like Novonix and Vulcan are flying because they have customers and funding.

Vulcan raised $100mil+ from investors, including Gina Reinhardt, and have supply agreements with LG Chem and Renault.

Novonix raised ~$200mil from Philips 66 (a key supplier) and have agreements with Samsung and Panasonic. The Tesla link is there too.

While I believe Talga are a far more advanced/better business and will be the biggest supplier of anode outside of China (with excellent margins), there are obvious risks and investors won’t believe it until there is JV funding or customer deals - simple. Especially with the current mine permitting issues in Sweden…although I don’t think Talga will have the same challenges.

The opportunity cost is frustrating but when it happens Talga will fly and the upside is truly significant. Globally significant are the words MT has used. It just requires some trust in your research and patience.