I have always questioned the value that Mitsui add to Talga. The...

I have always questioned the value that Mitsui add to Talga.

The original MOU was for financing, construction and operation of the Vittangi Anode Project. The expanded MOU included "marketing, sales and partnership opportunities across Talga’s portfolio of lithium-ion battery products."

If we look at each of these elements I'm not sure where Mitsui fits in.

Financing

There is plenty of cheap debt and Talga have now received three letters of interest/support

• Nordic Investment Bank
• Swiss Export Risk Insurance
• Swedish Export Credit Corportation

We have also seen offtakes accompanied with equity investment i.e. Vulcan/Stellantis. I wouldn't be surprised if one of Talga's cornerstone customers is also an equity investor. Pick one...Northvolt/VW, Stellantis, Tesla etc.

Construction/Operation of the Vittangi Anode Project

Talga have the MOU with ABB for idustrial automation and electrification expertise to includenext-level production and process control solutions for Talga’s initial operation. In addition, ABB willwork with Talga on front-end engineering and design ("FEED") for the development and constructionof commercial 100,000tpa graphite concentrator operations at Vittangi, a 19,500tpa anodeproduction plant at Luleå and earlier ramp-up stages/production qualification modules.

What are Mitsui providing here?

Mining

From the mining perspective, I don't see where Mitsui add value. The graphite is high grade and little to no overburden. They can literlally dig it straight up for concentration/anode production.

Marketing/Sales

If an OEM or two come on board then you can rail or ship the Talnode straight to the battery plant in EU.