VRC Charts/TA, page-111

There's a lot of discussion around Volt's share price and then a whole range of reasons offered on this forum for why it is at lows and in a downtrend... Of course, some of these reasons are valid, particularly with respect to performance of previous management, cash burn/ management and execution of previous capital raises.

Yet the 2 most obvious reasons are rarely mentioned -> 1) Graphite Prices/Demand + 2) Sector sentiment.

Graphite prices are in a downtrend.

Demand is not yet meeting or exceeding supply as has been forecasted by the research houses

Majority of ASX Graphite producers/developers are in a downtrend and have pulled back at least 50% from their 12 month highs. SYR has pulled back from $2.70 to 60c in under 12 months, and is the only real ASX graphite producer.

So whilst it's entertaining to read all the theories about why Volt's Share price is at lows - it is naïve to think that it would be performing any differently given the current state of the graphite market. Securing funding, is not going to be the answer to everyone's prayers if the share price is the only measure of success. It will take both delivering on the fundamentals as well as an uplift in demand and sector sentiment to materially rerate.

Lithium sentiment was also in the toilet after it's run up in 2017-2018. In fact it was dead. Until it came to life in a huge way in 2021 when the market finally realised that there was not enough supply to meet the incoming demand. This was followed by multiple lithium price hikes and in turn a sector rerate for majority of lithium producers, near term developers and explorers.

The charts below tell the story.

Meanwhile, it's a patience and accumulation game until the shortfall kicks in and real demand arrives.