A lot would depend on the details contained within the 8 April...

A lot would depend on the details contained within the 8 April 2020 MoU with Technografit around sourcing graphite for Kwinana. This announcement noted that a binding agreement was expected to be entered into by 30 June 2020. Unsurprisingly nothing happened by 30 June 2020. Surprisingly there was not even a reference to this MoU signing with Technografit in the June 2020 quarterly (or any subsequent quarterly). The Technografit MoU was noted in the 2021 Annual Report - but not the 2022 Annual Report.

If the MoU is still in place, it may (unless amended) commit EcoGraf to sourcing graphite concentrate feedstock from "a range of pre-qualified souces" through Technografit for the initial term of 5 years. If the MoU has lapsed or otherwise has non-restrictive terms then EcoGraf could still deal with who-ever it wants, be that Technografit, RNU or self supplied sources (which of course loops back to Epanko).

Like a number of things, shareholders are in the dark as to what feed-source Kwinana considers most likely. Shareholders have been advised the processes being developed will cater to the use of a number of different graphite sources so at least there is some inbuilt flexibility.