When?, page-142

Most here are still in denial stage...blaming the shorters, the general market and now management, whilst at the same time claiming the company (with its many promises) still has the same great potential if only the head gets replaced.

Never mind the 'potential' was woven by the current management, it is their vision. You can't discredit them and at the same time eat the story they sold. If now you smell a festering wound below the bandage, just removing the bandage won't do. If new management is instated, they will have to come in and cauterize the wound and set a reality check for the 'vision' of the previous group.

Reality is the only worthwhile asset currently is the plans for Kwinana and the money raised for it (You need to give credit to the current management for getting that money from instos when they did). But money raised probably won't be enough to see full stage 1 build in the current environment and the delays are on them (management). Some cap raises will be necessary to complete the job, question is how much more will be required on top of what's in the bank and at what level of dilution.

Forget about European plants, Tanzania, other 'partnership' gimmicks. There's no chance in hell to fund these in the next 2-3 years.

Problem is, if I'm a believer of the graphite beautification business model (which I don't, and won't until other new upstarts be it anode/recycling/PSG outside of China actually turn in a profit), there are less risky alternatives. Risky punts always get dumped first at a sniff of a downturn.