I've now read the annual report, including the financials, which...

I've now read the annual report, including the financials, which are very extensive. Most of the content about recent progress we had already learned from the presentation. However, I noted the paragraph at the top of page 9, which speaks of exchange of materials under the MTA. Seeking such exchange was emphasised by Jack Hamilton at the Sydney presentation, not merely as tangible evidence of mutual confidence between the parties, but mainly because we could work on the issues in parallel, and so have a more productive working relationship for problem resolution and progress, as well as encouragement to greater effort. So it is very pleasing that he achieved this agreement. Also, not unexpectedly, further agreements with other parties are being sought.

We can note also the 20wt.% and 40wt.% targets, the latter through coating on silicon-carbon particles. On page 8 the composite is discussed further; 24wt.% had been achieved earlier by Polaris, but cycle efficiency dropped quickly at first, then more slowly. So this is still a hurdle. However, if they could achieve a viable 40.wt%, while suffering the same proportional loss in cycle efficiency, I would think those subsequent cycles would compare very favourably against graphite cycle performance, based on the results from the lower concentration.

I'm looking forward to the next 4c due before the end of this month. And the AGM which I assume will be in November again.