Ann: Binding Sales Agreement with Qingdao Langruite Graphite, page-9

one of the problems with BOA's is the strike price for the commodity which is never published but is typically at a discount to the prevailing market price per tonne .. meaning if you sell your forward volume at a discount then you are unable to ride the commodity price increase wave which is predicted given supply and demand forecasts in graphite.  Forward estimates on earnings would therefore not be able to benefit from a rising market and maybe this is starting to be factored .. just thinking it through .. the smart folk on here would have a better view