This is great news for IM3NY (and by extension MNS holders) as...

This is great news for IM3NY (and by extension MNS holders) as it would provide extra funding (up to $100m USD in the first pass), without having to issue as many shares when they eventually do the public listing early next year. Also given the specific eligibility criteria for priority access, EV battery makers that are based in or connected to China such as CATL, LG Chem, SG Innovation, Byd and Panasonic will probably not qualify.

We should be seeing some announcements from MNS/IM3 on how they will tap into this funding in the near future and what it might mean for our revenue model in the next 5 years.

A side note: I'm aware there has been a renewed debate on the Nachu project on whether that's going anywhere. I don't want to get involved with those back and forths, but just notet that Tanzania is friendly with China, and the US Infrastructure Bill stipulates that the grant will only be for end-to-end supply chain that is US-centric and doesn't depend on relations with a 'foreign entity of concerrn', which is PC code for China, Russia and most of the ME.

As such my opinion on how Magnis proceeds here is probably decouple the two projects such that the graphite, if ever successfully produced, would be sold to other offtakers, which seems to be the case anyway given they alluded to something in the pipelines. If it's IM3 that uses it it would have been made clear. Just my IMO.

The valuation potential of IM3 alone is likely to be more in line with CATL than multi-product manufacturers such as LG Chem or Samsung SDI since diversifying your brain trust towards multiple products also dilutes their expertise in each of them. Pure play companies that can scale are going to be easier to evaluated for many instos that are still maturing in their expertise in these green industries.

This means that FP's $4B / GWh production for IM3 (which is a CATL-based comparison), isn't too far-fetched as it might've been while there were still regulatory risks in previous months (air/aquifier permits). These have now been overcome.


I would say GLTAH but we need 'luck' less and less now. Just a matter of time!