Hi Bullrush....Firstly find me one meaningful end user ( battery...

Hi Bullrush....Firstly find me one meaningful end user ( battery group ) off take agreement...There are none....What we have are loads of middle men MOU's etc.
HXG's purity ranks with MNS's as the purest and most likely to be turned into spherical graphite which is the highest value return.
Battery groups have relied on synthetic but this is expensive and costs between $15-25,000 per tonne.
Some battery groups are now blending natural flake graphite with synthetic graphite.
Given the price of spherical uncoated flake graphite sells for $3-3,500 per tonne I see end users with a keen eye on the pure natural flake graphite coming on line. Therefore it is the other way round with natural posing a risk to synthetic given this is the type currently mostly used.