Ann: December Quarterly Activities Report Presentation, page-33

Agree with this. But there does not seem to be much here to justify the market cap unless there is a real prospect of improvement in graphite price, or lower costs.

If they don't improve costs, and they achieve the lower end of price guidance, they'll actually be in a loss, in which case we might see a much lower market cap. Based on this info, it could potentially be anywhere between -$50 USD per tonne to $200 USD per tonne.

So assuming they meet production target (big if given the history), i.e. say 200k tonnes, that's even at most only $40 million USD (i.e. ~$56 million AUD). That probably excludes 'capital expenses' and 'corporate expenses' and of course BAM development costs.

In the short term, this is looking pretty bad. With nothing concrete about BAM and Vanadium, it seems a bit risky to attribute value to these projects, though presumably there is some. And of course there is value in the future potential for an uplift in graphite prices. I suppose if you're holding now, you're really hoping for this to change - which it might... I mean I'm still holding lol