Correct, Talga have no plans to sell graphite at scale. Talga is...

Correct, Talga have no plans to sell graphite at scale. Talga is positioned as an AAM company that happens to have its own graphite deposit down the road to use as feedstock for its own operations only.

I've tried to summarise the numbers below because you might be getting some trial mine/ stage 1 /stage 2 figures muddled up


Stage 1 - Vittangi (DFS)

• 125ktpa of dirt. 100ktpa is the planned mining rate but the permit has been granted and actually allows an average of 125ktpa for 24 years. Actual amount mined can be +/- in a single year as long as the averages are met over LOM. Comes into effect once appeals are put to bed.
• Concentrator next to mine site, 300km by road from anode plant. Few trucks a day only. ~22ktpa of concentrate is not a lot. With 125kt+/- of dirt at 22-24% Cg it's not a stretch to see how this can be optimised quickly given the bulk trial mining already complete
• Anode plant 19,500ktpa
• Yield has been published as 91% of concentrate is turned into AAM. Very low waste due to the morphology of the deposit, no need to sell fines etc like most (all?) other companies. You may see this as a risk that can't be achieved commercially, but a the pilot plant has been operating for nearly 2 years. The Vittangi plant will just scale this up.
• Production by end 2025(?)
• NPV ~A$1.6bn

Stage 2 Niska (Scoping study)

• 400ktpa dirt
• 104ktpa AAM (total, including the 19.5ktpa above)
• Production by 2026(!) (that's the last published date anyway. 2030 sounds more realistic)
• NPV ~A$3.8bn - $7bn (in addition to Stage 1)
• Yes would need an additional permit for the mining, but already underway and will be fast-tracked with CRMA legislation.
• Company has said that expansion to 104ktpa might be under doing it. By my calcs the current indicated and inferred mineral resources support over 200ktpa for 15+ years. Still lots of the deposit unexplored and the exploration target is another 5-6X the current resource. Dirt in the ground is definitely not going to be the limiting factor for expansion.

Bonus:

Silicon Anode Additive

• Product developed in-house with 100% ownership of IP
• Study coming soon, my assumption NPV between $300-500m

Lithium deposit

• 271km2 tenement with 50km outcropping pegmatites, surface samples up to 1.95% Li2O
• Deposit value somewhere between $0 - $10bn

All for a current market cap under $300m