Aaarggh - something closer to the scoping study. There are so...

Aaarggh - something closer to the scoping study.

There are so many unknowns that will become clear over the next 12 months.

The new mines and minerals bill if indeed is "presented" to parliament later this month gives no confirmation of taxes, royalties, concessions until such time it is actually passed. This could be some time.

Rail - until a binding agreement ?

Electricity ?

Compensation - Resettlement?

Graphite prices - prices achievable?

Product sales prices. SYR has had issues here. Fortunately SVM have a high % of the preferred large size flake.

So on and so on. When all is confirmed the BFS will be interesting. Whilst all that unfolds it is possible of the "teir 1" customers they speak of committing to binding sales agreements - taking a stake - project finance - filling the rail capacity or close to will be paramount because I expect by the time the BFS is completed - costs will be on the pluss side again.

Interesting 12 months ahead and still I remain optimistic and believe positive announcement will roll out over the next 12 months.