Suppose that Min Res in their dealings and investigations come...

Suppose that Min Res in their dealings and investigations come upon another graphite deposit on their own or owned by some other company. It could be better than what HXG has in which case they might elect not to proceed with us and hitch their wagon to the other deposit.

Also HXG should look to increase resource / reserve so more than 8 years ore is confirmed.

Once Min Res actually start building the mine, then its definitely going to happen, until then it will drift and 3 years, if it takes that long, is a fair bit time. A lot can change in that time with the economy, demand, tech etc.

The added processing of the resource that Hxg wants to do also means more risk until its proven they can do it and have buyers.