Going by what Bridge Street have said, GPX have delivered the...

Going by what Bridge Street have said, GPX have delivered the DFS that Castlelake wanted to see, meaning any other business model was not going to fly. If this was borne out of necessity through the detailed study discovering that standalone mining operation wasn't feasible, in my opinion, being able to change tact to incorporate downstream as a value add proposition shows agility and adaptability to a deeper understanding of the graphite market as a result of the in-depth study. Exactly what a DFS level study should do.

IRR at 36% is still solid. Plenty of projects have got off the ground with lower. Castlelake's minimum investment criteria?? Who knows, but 36% IRR with 40% equity, plus 15% interest on the senior loan notes isn't a bad return for them. Add to that the potential upside in prices that couldn't be disclosed in the Bridge Street report. In less than 60 days we find out.

In the meanwhile, conditions precedent need to be satisfied. So we will have finalisation of Tanzania issues, offtakes, EPC and mining contracts in the next 6 or so weeks. Hopefully they provide the uptick required to reduce the upcoming dilution (upon successful financing of course). Presumably this is what GPX are now steaming towards.