Media

[cosors]

@Diogenese

Here is something remarkable.
As far as I remember this is the first article in German in a major magazine or newspaper and FOCUS is one of the best known here!
A sober but interested look. Do you remember how we both came across Talga?
This reads like it did back then:

Hot bet on the future

"FOCUS Magazin
FOCUS-MONEY| Nr. 26 (2024)
copper vs. iron ore

Tuesday, 25.06.2024, 11:40
Geological intuition, good management and the right raw material at the right time are part of the mining industry's recipe for success. Freeport McMoran seems to be in a very good position at the moment
Acquisitions, new discoveries and technological advances have shaped the mining industry in recent decades. Of the top 20 companies that dominated the industry a good 20 years ago, only seven are still in the top 20 today. Some have been taken over and many have been displaced by new corporations, especially from Asia (China). However, BHP Group and Rio Tinto remain at the top of the industry.

Both were able to roughly quadruple or triple their stock market value in euros – not least through targeted takeovers. But there is one company from the USA that has grown much stronger: Freeport McMoran. The stock market value of the Arizona-based company has multiplied over the past 20 years, from 4.1 billion euros to just under 67 billion euros (see chart on p. 18). Here, too, takeovers, partly exploration luck, but also good management play an important role. As a result, Freeport was able to move up from 17th place in the mining hierarchy in 2003 to fifth place in 2024.

Continued price opportunities. Since the growth of the mining companies, especially Freeport, is diluted by acquisitions and spin-offs, the success is only partially reflected in the share prices. For example, top dog BHP has achieved a price increase of 500 percent since 2003, Freeport is just behind with around 450 percent, both calculated in euros. But Freeport has recently shown relative strength, especially after the uncertainties of the Covid crisis in 2020 (see chart on p. 18). The main reason is likely to be the orientation of the two groups. BHP continues to rely on iron ore, coal and copper. However, the Australians have handed over their activities in the oil sector to Woodside, which is also based in Australia. Freeport McMoran, on the other hand, is focused on copper. In addition, there are gold and molybdenum. This means that the Americans are much better geared towards promising technologies. This is because they need above all the reddish metal, which is important for power lines and coils in electric motors. Copper is the growth market par excellence, whereas coal, a discontinued model in the long term anyway, and iron ore are more dependent on the economy.

The Americans are likely to have another advantage over BHP: the geographical distribution of customers. For BHP, China and the rest of Asia are the main buyers of raw materials. The metals dug out of the ground by Freeport are mainly sent to the USA, Japan, even Germany and Switzerland for further processing. Thus, Freeport is much less dependent on China, which could soon be seen as an ever greater plus for many investors.

New climbers. Technological progress in our society does not stop at new materials. Graphene is one of which sheer miracles are expected. The producers could potentially be new climbers.

GRAPHENE

Wonders of Science

A layer of carbon only one atom thick, graphene is actually nothing more. But it is extremely difficult to produce. This year, the new material celebrates its 20th birthday. At that time, scientists managed to produce graphene for the first time. In the meantime, various processes have been developed to produce it. This means that the miracle material is available for a wide variety of applications. It is so sought after as it has exceptional capabilities. For example, graphene surfaces are tear-resistant and extremely hard, similar to diamonds. In addition, graphene can serve as an electrical conductor. In short, it is the thinnest and strongest electrically and thermally conductive material on the market. Optically transparent, it is so dense that no gas atoms can penetrate. Due to this property, research is already being conducted into whether graphene can replace silicon in the production of solar cells. It should also be easier to produce rollable screens, LED lamps and touchscreens on the basis of graphene. By mixing or coating graphene, new materials are also created. This is already being used in the field of 3D printing, paints and concrete. The potential applications are becoming more and more diverse the more research is carried out with the material and the cheaper the production becomes. In addition to many small companies such as Talga Group (see right), large corporations such as BASF are also trying to open up the market.

TALGA GROUP

Hot bet on the future

Talga Group is a way to bet on graphene. The Australians are pioneers in graphene and also have technologies for graphite anode production for electric vehicles. To this end, the Schwedens very large Vittangi graphite deposit located in northern Sweden, near Kiruna, is to be exploited. A refinery in Lulea is expected to produce around 19,500 tonnes of Talnode-C, Talga's anode material, per year in the future. The company is also researching the production and marketing of graphene. Applications for Talga's graphene products include corrosion protection, antibacterial coatings, food packaging, rubber and plastics, composites, metal alloys, building materials and batteries. However, the Talga projects still require a lot of capital. A financially strong partner or major shareholder is probably indispensable. After all, a total loss cannot be ruled out if Talga does not find suitable partners for financing and the EV anode and graphene markets develop more slowly than expected."

https://www.focus.de/magazin/archiv/bergbau-kupfer-kontra-eisenerz_id_260059559.html

 

[Diogenese]

@Diogenese

Here is something remarkable.
As far as I remember this is the first article in German in a major magazine or newspaper and FOCUS is one of the best known here!
A sober but interested look. Do you remember how we both came across Talga?
This reads like it did back then:

Hot bet on the future

"FOCUS Magazin
FOCUS-MONEY| Nr. 26 (2024)
copper vs. iron ore

Tuesday, 25.06.2024, 11:40
Geological intuition, good management and the right raw material at the right time are part of the mining industry's recipe for success. Freeport McMoran seems to be in a very good position at the moment
Acquisitions, new discoveries and technological advances have shaped the mining industry in recent decades. Of the top 20 companies that dominated the industry a good 20 years ago, only seven are still in the top 20 today. Some have been taken over and many have been displaced by new corporations, especially from Asia (China). However, BHP Group and Rio Tinto remain at the top of the industry.

Both were able to roughly quadruple or triple their stock market value in euros – not least through targeted takeovers. But there is one company from the USA that has grown much stronger: Freeport McMoran. The stock market value of the Arizona-based company has multiplied over the past 20 years, from 4.1 billion euros to just under 67 billion euros (see chart on p. 18). Here, too, takeovers, partly exploration luck, but also good management play an important role. As a result, Freeport was able to move up from 17th place in the mining hierarchy in 2003 to fifth place in 2024.

Continued price opportunities. Since the growth of the mining companies, especially Freeport, is diluted by acquisitions and spin-offs, the success is only partially reflected in the share prices. For example, top dog BHP has achieved a price increase of 500 percent since 2003, Freeport is just behind with around 450 percent, both calculated in euros. But Freeport has recently shown relative strength, especially after the uncertainties of the Covid crisis in 2020 (see chart on p. 18). The main reason is likely to be the orientation of the two groups. BHP continues to rely on iron ore, coal and copper. However, the Australians have handed over their activities in the oil sector to Woodside, which is also based in Australia. Freeport McMoran, on the other hand, is focused on copper. In addition, there are gold and molybdenum. This means that the Americans are much better geared towards promising technologies. This is because they need above all the reddish metal, which is important for power lines and coils in electric motors. Copper is the growth market par excellence, whereas coal, a discontinued model in the long term anyway, and iron ore are more dependent on the economy.

The Americans are likely to have another advantage over BHP: the geographical distribution of customers. For BHP, China and the rest of Asia are the main buyers of raw materials. The metals dug out of the ground by Freeport are mainly sent to the USA, Japan, even Germany and Switzerland for further processing. Thus, Freeport is much less dependent on China, which could soon be seen as an ever greater plus for many investors.

New climbers. Technological progress in our society does not stop at new materials. Graphene is one of which sheer miracles are expected. The producers could potentially be new climbers.

GRAPHENE

Wonders of Science

A layer of carbon only one atom thick, graphene is actually nothing more. But it is extremely difficult to produce. This year, the new material celebrates its 20th birthday. At that time, scientists managed to produce graphene for the first time. In the meantime, various processes have been developed to produce it. This means that the miracle material is available for a wide variety of applications. It is so sought after as it has exceptional capabilities. For example, graphene surfaces are tear-resistant and extremely hard, similar to diamonds. In addition, graphene can serve as an electrical conductor. In short, it is the thinnest and strongest electrically and thermally conductive material on the market. Optically transparent, it is so dense that no gas atoms can penetrate. Due to this property, research is already being conducted into whether graphene can replace silicon in the production of solar cells. It should also be easier to produce rollable screens, LED lamps and touchscreens on the basis of graphene. By mixing or coating graphene, new materials are also created. This is already being used in the field of 3D printing, paints and concrete. The potential applications are becoming more and more diverse the more research is carried out with the material and the cheaper the production becomes. In addition to many small companies such as Talga Group (see right), large corporations such as BASF are also trying to open up the market.

TALGA GROUP

Hot bet on the future

Talga Group is a way to bet on graphene. The Australians are pioneers in graphene and also have technologies for graphite anode production for electric vehicles. To this end, the Schwedens very large Vittangi graphite deposit located in northern Sweden, near Kiruna, is to be exploited. A refinery in Lulea is expected to produce around 19,500 tonnes of Talnode-C, Talga's anode material, per year in the future. The company is also researching the production and marketing of graphene. Applications for Talga's graphene products include corrosion protection, antibacterial coatings, food packaging, rubber and plastics, composites, metal alloys, building materials and batteries. However, the Talga projects still require a lot of capital. A financially strong partner or major shareholder is probably indispensable. After all, a total loss cannot be ruled out if Talga does not find suitable partners for financing and the EV anode and graphene markets develop more slowly than expected."

https://www.focus.de/magazin/archiv/bergbau-kupfer-kontra-eisenerz_id_260059559.html

Yes. It was the allure of graphene which first beguiled me. I was hoping for some astounding breakthrough in electronics using graphene. Of course that will involve artificial graphene, rather than sticky tape on a lump of coal.

Graphite was low on my priorities. I've learned a lot about batteries here (even if @Semmel had to explain to me that batteries are not like the Tardus sizewise), and that will be a problem for the car salesman when I get around to buying my first EV.

 

[cosors]

Yes. It was the allure of graphene which first beguiled me. I was hoping for some astounding breakthrough in electronics using graphene. Of course that will involve artificial graphene, rather than sticky tape on a lump of coal.

Graphite was low on my priorities. I've learned a lot about batteries here (even if @Semmel had to explain to me that batteries are not like the Tardus sizewise), and that will be a problem for the car salesman when I get around to buying my first EV.

I think much of what was discussed back then will come. We just have to be more patient than we thought, as with neuromorphic computing. The geopolitical situation is also slowing things down.
But that's the way it is when we follow cutting-edge technology as it develops.
A look at the Graphene Council GRAPHENE FLAGSHIP is interesting to see which projects are promising and which will not be continued, at least on the same basis as back then.
It is a good sign that Talga is perceived by FOCUS magazine as a hot bet in this sector.

 

[cosors]

I don't think we should reproach the author for not mentioning what's on the list, at least I don't do that.
He is merely taking a brief look at a possible side business.
Anyone who is interested in more detail can read about the financing status on Talga's homepage, EIB for example.
Just wait.
That's the way it is in Sweden.
I'm going to do another round soon and see who our partner for SG could be. There are two names on my list so far.
The location for a plant here in Germany or France is also something I should look into again.
Maybe I should do a search in French language.
A location near ACC and Verkor would be ideal from my point of view. And I can imagine that it would be easier in France. Here in Germany, unfortunately, we have just as brainwashed moral cultists who even fight against Tesla.

______
Today, everything is called Gigafactory.
Here are the largest in the world:

BASF

 

[teilenswert]

 

[WheresTheMonkey]

Well well well

MT was pretty adamant the EV plant is not a Pilot plant but a Demonstration plant

 

[mpk1980]

Well well well

MT was pretty adamant the EV plant is not a Pilot plant but a Demonstration plant

What are the implications of this in your view?

 

[curiousmagpie]

What are the implications of this in your view?

MT is reading the forum?

Hi Mark! Get some deals done.

 

[curiousmagpie]

I notice he sort of dodged the question of why the raise was done at 38c.

Instead he answered “why was it done at such a discount” in reference to the VWAP and last closing price, but what the punters wanted to know was why wasn’t it done at 50-60c a month ago.

 

[WheresTheMonkey]

What are the implications of this in your view?

It literally demonstrates they can produce at a much larger scale than a small pilot plant

That means commercial scale

There was someone “flying around here dressed in black and white” trying desperately to save us from ourselves a few weeks ago telling us we were screwed because we needed to next build a demo plant

 

[Semmel]

Q2 Seminar

This is not an in-depth transcript. But one where I note information that is new to me personally. You might find it useful. I add timestemps to it.


Presentation
------------

* Refinary at ~13:00

Refinary construction can start at any time (specifically not mentioning the industrial park development which seems to be on hold).


* Financing at ~18:45

Mark mentions that they are in talks of a strategic parter on project AND company level. So far talk was ONLY about project level financing. That means we are looking into dilution of shares with an equity partner coming on board. While I am not really surprised by that development, it would be really nice to NOT sell the company for cheap at these levels. I dont want my 10x long term future returns diluted to 2 or 3x.

tin-foil hat level speculation:
This ties into the share price action since late last week. It appears there is some unusual buying pressure going on. At least that is my impression. It wouldnt surprise me if there was a "strategic partner" sniffing out more shares.. or someone in the know is loading up before stuff gets public.


* Recycing at ~30:00

Talga can use the same processes of cleaning naturl graphite to clean black mess from spend batteries. Still doesnt address the micro crystal damage to graphite particles. I remain sceptical.


* Talnide-Si at ~33:30

Very close several times to deciding where to build the first production facility. Based on grants and funding opportunities, decisions getting changed. Well then, lets GO!!


Questions and Answers
---------------------

(ill try to document all of them within reason)

Q: Are you surprised by the time it has taken.
A: Yes and no. I am extremely disappointed by it. But have to respect the process which is independent. They dont have any priority system because everyone applies for priority. We did everything we can do. We did the calls, the pleads, we cant do anything at this point.

Q: Has Talga been in contact with the green acceleration office that has been recently set up?
A: Not sure its been set up yet. Minister in charge seems to be friendly to Talga.

Q: Why was the CR raised at the discount that it was?
A: Why now at all? Why not before when the share price was higher? At the last raise, they thought it was the last they need before the permit. Raise now because of curt delays. Hard makro time because of Lithium down term. Discount was decided before the jump to AUD ~0.48. Belive this is more than enough until permits are available. Took minimum necessary to bridge the time. No one is happy at times like this.

Q: Why considering Loyalty options?
A: Rules say we cant promise them but they WANT to do it for leagal reason. (not answering the question)

Q: How are offtakes progressing?
A: Progressing fine. Deals on hold, waiting for appeals. Surprised to see chinese cell manufacturers looking for outside china supply.

Q: What other permits have been initiated
A: Exploitation permit from Niska is available. Roads and stuff. Nothing major.

Q: Any updates on copper?
A: Talga owns some copper/gold/cobald assets. Would be interested to joint venture them.

Q: What are people at Talga working?
A: More than 50 people, about 60.
Sweden: Lots of them are development staff, engineers. Permitting, social stuff.
UK: quality control, development and others
Germany: smaller staff working on silicon component
Australia: Company management and organizing staff

Note: My question was not with it. Will write an email with better reasoning.

 

[curiousmagpie]

It literally demonstrates they can produce at a much larger scale than a small pilot plant

That means commercial scale

There was someone “flying around here dressed in black and white” trying desperately to save us from ourselves a few weeks ago telling us we were screwed because we needed to next build a demo plant

go and re-read

I didn’t say a demo plant needs to be built. I said that testing and qualification will still need to be done at large commercial scale when the refinery is built. The current EVA (Pilot/demo whatever) plant will do A-C samples only (check Talga presentations they confirm this).

Offtakers will require extensive testing of a D-sample which can only come from the full scale commercial plant, which is not built yet. Talga cannot get D samples qualified without the full scale commercial plant - the definition of the D-sample is that it comes from the production run. OEMs won’t put the anode made on day one into batteries without
extensive qualification. Realistically this means a year from the refinery being commissioned until full run rate of nameplate capacity.

I’m not saying it means Talga is screwed, it’s just an irrefutable fact about the timelines of commissioning, ramp-up and revenues and risk of what’s involved.

 

[curiousmagpie]

Don’t take my word that the EVA isn’t commercial scale. Is this a trustworthy source on what is commercial and what is not?

 

[WheresTheMonkey]

OK so we’re we reasonably happy with the webinar?

I was

If not let’s hear it

 

[teilenswert]

Due to the massive delay of production start and Niska expansion (compared to the originally communicated plan) and the miserable performance of the stock value - albeit largely due to the overall market, the upcoming capital increase and pending SC decision - I am rather a skeptical listener. Basically a solid webinar, with little new information shared. But I find it a pity that Mark fails to elaborate in more detail on some aspects I'll list below. Our track record is horrible, and when such questions are deliberately glossed over, I have to assume that Mark doesn't want to be 100 per cent transparent.

• Time horizon (from final permit to 1st production and from 1st production to full production):
  In my opinion, there is contradictory information circulating here; on the one hand, slides talk about a construction period of 18-24 months, so if we could continue construction in October we may be finished by mid-2026. On the other hand, the statement of 1st Production in 2027 has been circulating for some time. And how long it may take to get to full production had never been addressed in a previous webinar. The fact that the opportunity is not taken to comment on or clarify this is incomprehensible to me; I had already submitted this question several times.
• Missing income streams:
  I had residual hopes that we would generate some revenue before the mine and anode factory are built (selling cobalt/copper deposits, licensing of Talnode-Si or similar). But apparently there is no plan B. We have to wait until the permits are intact to then build the mine and anode plant to then convert our graphite into anode material. We don't seem to be able or willing to process external graphite. Talnode-Si still seems to be a few years away. Assuming we still have 2-3 years with low market prices, I am curious to see whether we will sell at discount prices (in conjunction with pre-payment) or whether we will only see revenues from H2 2027 and have to go through a few more capital increases until then.
• Investors:
  So far it has always been pointed out that major investors should only be involved at the project level. I find it remarkable that we seem to be open to change this strategic approach and that this is mentioned only in passing.

And of course I'm pissed when I hear that shareholders are going to be given options because I assume that only residents of Australia and New Zealand will be able to exercise them and all other shareholders will be left empty-handed.

 

[curiousmagpie]

Due to the massive delay of production start and Niska expansion (compared to the originally communicated plan) and the miserable performance of the stock value - albeit largely due to the overall market, the upcoming capital increase and pending SC decision - I am rather a skeptical listener. Basically a solid webinar, with little new information shared. But I find it a pity that Mark fails to elaborate in more detail on some aspects I'll list below. Our track record is horrible, and when such questions are deliberately glossed over, I have to assume that Mark doesn't want to be 100 per cent transparent.

• Time horizon (from final permit to 1st production and from 1st production to full production):
  In my opinion, there is contradictory information circulating here; on the one hand, slides talk about a construction period of 18-24 months, so if we could continue construction in October we may be finished by mid-2026. On the other hand, the statement of 1st Production in 2027 has been circulating for some time. And how long it may take to get to full production had never been addressed in a previous webinar. The fact that the opportunity is not taken to comment on or clarify this is incomprehensible to me; I had already submitted this question several times.
• Missing income streams:
  I had residual hopes that we would generate some revenue before the mine and anode factory are built (selling cobalt/copper deposits, licensing of Talnode-Si or similar). But apparently there is no plan B. We have to wait until the permits are intact to then build the mine and anode plant to then convert our graphite into anode material. We don't seem to be able or willing to process external graphite. Talnode-Si still seems to be a few years away. Assuming we still have 2-3 years with low market prices, I am curious to see whether we will sell at discount prices (in conjunction with pre-payment) or whether we will only see revenues from H2 2027 and have to go through a few more capital increases until then.
• Investors:
  So far it has always been pointed out that major investors should only be involved at the project level. I find it remarkable that we seem to be open to change this strategic approach and that this is mentioned only in passing.

And of course I'm pissed when I hear that shareholders are going to be given options because I assume that only residents of Australia and New Zealand will be able to exercise them and all other shareholders will be left empty-handed.

Good questions. Talga has not been good in communicating timelines. I invested heavily based on the company’s plan of production and revenue in 2023. Now it looks like best case for a full year of revenue at 19500tpa run rate is 2028. +5 years. How much of that is the fault of the SC?

You should all be demanding more answers about this instead of this blind acceptance the majority of commentators seem to have. Remember the local newsletter that leaked that had an honest 2027 date but was “a mistake”? Turns out that was more truthful that what shareholders get told. Probably a case of the Swedish local PR team not communicating with investor relations in Perth. So there are 2 different stories?
The emails go unanswered so the people that want answers are giving up and voting by selling their shares. You need to Look at a chart to get your answers.

 

[WheresTheMonkey]

Due to the massive delay of production start and Niska expansion (compared to the originally communicated plan) and the miserable performance of the stock value - albeit largely due to the overall market, the upcoming capital increase and pending SC decision - I am rather a skeptical listener. Basically a solid webinar, with little new information shared. But I find it a pity that Mark fails to elaborate in more detail on some aspects I'll list below. Our track record is horrible, and when such questions are deliberately glossed over, I have to assume that Mark doesn't want to be 100 per cent transparent.

• Time horizon (from final permit to 1st production and from 1st production to full production):
  In my opinion, there is contradictory information circulating here; on the one hand, slides talk about a construction period of 18-24 months, so if we could continue construction in October we may be finished by mid-2026. On the other hand, the statement of 1st Production in 2027 has been circulating for some time. And how long it may take to get to full production had never been addressed in a previous webinar. The fact that the opportunity is not taken to comment on or clarify this is incomprehensible to me; I had already submitted this question several times.
• Missing income streams:
  I had residual hopes that we would generate some revenue before the mine and anode factory are built (selling cobalt/copper deposits, licensing of Talnode-Si or similar). But apparently there is no plan B. We have to wait until the permits are intact to then build the mine and anode plant to then convert our graphite into anode material. We don't seem to be able or willing to process external graphite. Talnode-Si still seems to be a few years away. Assuming we still have 2-3 years with low market prices, I am curious to see whether we will sell at discount prices (in conjunction with pre-payment) or whether we will only see revenues from H2 2027 and have to go through a few more capital increases until then.
• Investors:
  So far it has always been pointed out that major investors should only be involved at the project level. I find it remarkable that we seem to be open to change this strategic approach and that this is mentioned only in passing.

And of course I'm pissed when I hear that shareholders are going to be given options because I assume that only residents of Australia and New Zealand will be able to exercise them and all other shareholders will be left empty-handed.

Excellent those are well thought out , Yes there are questions,

That option thing I didn’t realise,

I’ll see if I can get a reply from Nikki,

I her email her twice a year or so, she seems very efficient

 

[anbuck]

The biggest question for me is why if this has always been the process for permits in Sweden why Talga didn't know it ahead of time. Even the latest issue of on the previous call saying that they could now apply for expedited processing since the original estimated date has passed and on this call Mark said that they had applied but had been rejected because everyone applies for expedited processing. Why didn't Talga know that then prior to mentioning it in the previous call? Mark also said in the past that he expected to be able to proceed with mine construction while the appeal was pending which also turned out to not be correct. It seems like Talga would have local attorneys that would have been through the permit process many times and already know what's realistic.

 

[DAH]

G'day legends!
Overall I was happy. Highlights for me were the "dam will break" comment, as well as seeing how bullish MT appears on recycling, and options. Of course the disappointment is Head Co equity...

Re equity, I did submit a question on this but it appears to have gone to the trash can. MT stated nothing has changed re equity composition but we all seem to disagree with him there. I know back in May he said a low sp wouldn't mean much, other than strategic partners would need to do more of the "heavy lifting". So in hindsight I see this as referring to the equity mix, but somewhat misleading for me as the Head Co line was never present.

There's 60% debt, I assume the €70M grant is as good as in the bag (usually this isn't disclosed till after the fact [so to raise it publicly has to be a strong sign]). That leaves 30% max needing strategic partners. I'll guestimate equity in Head Co at 10%, ideally for me that'll be via convertible notes (given low sp). If shares straight up surely above $1, so worse case in my mind is 20% or so dilution. Why allow a strategic partner in Head Co equity over project equity? I guess if they're to help cornerstone growth (expansion) and if a cell maker, they'll likely be buying our Tal-C, Tal-Si and Tal-C recycled (so well beyond the mine project). Personally I hope it's not Mitsui (we know they're keen) but it did cross my mind that the apparent offtakes in waiting with Asian (ex-China) customers connect to Mitsui. Or perhaps that's Long Time Tech... time will tell. Anyway, MT says its a balance between shareholder growth opportunities and protecting against what I'm sure he was referring to as dilution. Thankfully we know he hates dilution, and he has more skin in the game than all us combined (so more to lose) hence trust is needed.

It was nice to hear there are more offtakes behind the scenes than those we know of. So that's at least 3 more right, and customer demand is underpinning expansion plans.

Re timelines, I've settled on commencement in 2027. If we assume the ACC deal runs as it was to be, there is ramp up volumes in the 2-3 years prior to the 5 yrs of Tal-C (see term sheet). So I assume stockpiles will be sold and theyll help keep the lights on. And just maybe the Head Co equity partner is also to help with opex up until TLG turn profitable.

I felt as though the expansion (PFS I think it is due Q4) is looking to chase a 2030 kick off. Perhaps this isn't impossible assuming strategic asset status is obtained in Dec, permit submitted early 2025 and away we go. Wishful thinking perhaps but just the feel I got from what MT discussed.

Semmel - feel free to refer to me as an idiot here... but re your comment on being skeptical with Tal-C recycled, given TLG now have this as a product, having been tested, are we not safe to assume any issues have been addressed or rectified? I would have assumed TLG chemist's are all over it.

Anbuck, re your point above, I think TLG got poor counsel. Their preparation lawyer provided the initial 1-4 month guidance. A quick look at the SC's report shows this is misleading at best. I'd got it wrong back in the day as I'd always assumed that based on other recent case law, Talga would be successful with obtaining a concession to progress whilst appeals were heard. It turns out that the land cannot be assigned until after the permit goes into force. So I guess now that in the unlikely event that the SC appeal is heard, MT saying they'll apply for a concession will fail. 98%+ chance this is redundant anyway.

I'm keen on these options! A few FUD mongers have written such off as dilution etc but the fact is that many who traded or sold out, plus new investors will not get such an offer. I hope those of you O/S get rewarded too! I believe it's possible if TLG really want to issue to you, it's just more work on their end (fingers crossed). MT hasn't been able to control a lot of recent events Inc the SP, so to acknowledge us loyal holders is a great gesture for me, and very much aligned with a boss who does give a you know what

 

[Semmel]

Thx for the commentary DAH! And I would never call you an idiot, that term I reserve for myself as I get plenty of things wrong with conviction

On the point you make, Mark makes it look like the issue with reusing graphite is the chemical cleaning. Which is a tough problem for sure but not THE problem. I can be completely off the rails here and I forget where I got the original information from, so I can't verify any more if my opinion is correct. But I thought the graphite crystals/particles disintegrate into smaller pieces during use of the battery and you simply can't put them back together again during recycling. Since this kind of damage can't be fixed, it appeared to me that it's impossible to recycle graphite anode into graphite anode. Maybe there is a way to filter out the good particles from the broken ones and use them, but I don't know. Or maybe talga is able to bake little graphite cakes that doesn't increase the surface area to much when recycling.. or the original problem is simply not true and I got this completely wrong.

In any case, I am happy to see that talga deemed to have found a way around it, I am cautious though because it is at odds with my understanding of reality.