Ann: Share Purchase Plan, page-54

By the time you get the information you need to make in informed investment decision, the market will have already reacted to it.
That's an interesting point you make, unaware; and one that i think most investors grapple with. It's true that the more a company derisks, the greater confidence investors have in its future commercial potential/cash flows, and the higher the share price is driven. Us small investors have a distinct advantage over many fund managers, as we have no mandate to wait for certain JORC milestones, mc, revenue. Essentially, we can load-up early and wait for the action to begin.

All that said, I think the questions insaf raises are more than reasonable. We want to get in before the big money but not so early that it's really just a gamble, with few derisking boxes ticked-off. There's plenty of punters on HC that load up on complete crap and call it honey, when the company still needs at least 4-6 things to go its way to have any LT chance.

I agree with insaf; nobody is arguing with the science. The science behind metals like graphene and scandium is both interesting and quite exciting. But a company is only as strong as its projected future cash flows. I will use the example of BKY, which, despite being in one of the most beaten-down and unloved sectors (uranium) has performed brilliantly in recent times, purely because the market can forsee the near-term cash flows of a compelling project.

Graphene is a lot more exciting than uranium yet without the ability to make a cash flow/NPV projection, it's very hard to subscribe a value to MRF. This is why I feel until MRF have a steady track record of sales (not just the odd sale here and there to niche end users) and proof that the LOM is substantial, the share price may not reach its full potential. Repeated future sales (e.g. meaningful offtake agreement) + proof of sufficient resource at the necessary quality = big re-rating! At a minimum, I wajt to see the company at a point where it is funding itself from internal cash flows, so that i know dilution is over and future sales are likely to generate profit. Right now, we have an unknown but high quality resource that looks to be cheap to extract, and currently no offtake of commercial agreements. I guess that's why it's trading at 5.9c and not 20c.

I would also pose the notion that if MRF was a lay-down, no-brainer, Warwick Grigor, as a believer in graphene, would be itching to personally underwrite the placement and get ~$1M of skin in the game at what most MRF believers are calling a rock bottom price. What better chance to join the register and if not now then when!? Why Talga and not MRF? What does he want to see before taking his interest in MRF from merely consulting and sourcing small amounts of interim funding, to actually owning MRF shares?