Why isn't the BOD's complete failure the only conversation, page-13

The company successfully sold the 'vision' when they raised $54.6M in 2021

The company plans to use the new capital to advance its battery anode material recycling programs as well as for the construction and operational commissioning of the first phase of its battery anode material purification facility in Western Australia.

Ecograf also intends to finalise the debt financing arrangements for its Epanko graphite mine.

On Monday, the company announced that GR Engineering Services Ltd (ASX: GNG) would provide the engineering design for its new battery graphite facility in Western Australia. That facility will use the EcoGraf purification technology to provide quality battery anode material products to lithium-ion battery and anode manufacturers.

2 years later, nothing has happened. The construction and operation of the battery anode purification facility in WA has been abandoned - the instos that funded them have lost heaps of money.

The worst part is, they never told shareholders why. They just simply removed it from their fluffy green presentations after some time.

They have burnt through millions doing nothing since then - and the best part is, they have many more millions to keep paying themselves for doing nothing for the years to come

I made a comment ages ago highlighting how long they've been 'working' on Epanko (as early as 2014)

It would be different if a mining exploration company raised money for exploration activities - and then they didn't find an economical resource - because that's the risk investors take. This is a different issue, because they raised funds to build a plant - said they commenced engineering work - then never updated the market about what happened 2 years later. It's like robbery

Even the failed Innogy IPO - they didn't offer shareholders any free shares in the company, even though they were EGR's assets in the first place, weren't they? Seemed like shareholders were going to lose in that deal. Some of the current board were going to form the new board of Innogy and get extra salaries ontop of their EGR salaries - seemed like a cash grab. Can't they explore those assets under EGR already to unlock shareholder value? They probably dont want to waste money exploring because they'd rather keep it to keep the show running for many years to come. A CR / IPO would work out better financially