I look at all the things Yu mentioned, but he's missing my top...

I look at all the things Yu mentioned, but he's missing my top 2: Strategic Advantages and Barriers to Entry. (e.g. For tech products, I'm looking for network effects - my 2nd longest position is strong here, unique data resources, or unique IP.)

• Talga's major strategic advantage is the Vittangi deposit. Other companies can come along with great CEOs, great teams of scientists, etc., but they will not be able to source their raw material from Vittangi. Vittangi means Talga will have the absolute lowest raw material costs in the industry, and the base characteristics of Vittangi's flakes produce higher performance than other deposits.

• Talga's major barrier to entry is the painstaking qualification process for anode. Right now, qualification is a hassle that has required major capital raising from shareholders and is delaying potential off-take agreements. But, in the future, any new competition will have to go through the same process before they can enter the market - that's a major barrier to entry. It's a big enough barrier that I suspect Talga will be the only qualified natural anode producer in Europe (with other graphite mines selling concentrate to refineries rather than producing a finished product).