You raise an interesting point about the lack of M&A activity...

You raise an interesting point about the lack of M&A activity (personally, i think the rise and rise of geopolitical uncertainty is the man reason behind this). But as you know KNL is a little different. The value of our binding European contracts should be confirmed soon with KfW Bank loan approval.

Both are unusual within the industry; binding long term contracts providing certainty and i suspect low rate lending (10 year Bund rate is 0.53% as of today. It won't be that low, but i suspect it will be incredibly favourable for us).

KNL is a very different graphite player.

But i do agree that the Top 20 will be the main hurdle to overcome for any potential suitor. We're just here for the ride.