Given the dominance that China has over many industries,...

Given the dominance that China has over many industries, including Graphite and EVs in general and taking into account the major reliance which comes with that dominance. There will not be a shift in the market without Government assistance, at least not over the short term.

All of the moves being made by major powers (both private and public sector) indicates a shift is in progress. It is clear as day for anyone that can stop and recognise these moves for what they are. DC recognises them, the major players in the supply chain recognises them. In the Graphite space it feels to me like it is a combination of DC playing hard to get and the potential offtake partners waiting to see who makes the first move along with confidence that would be instilled with Government support.

China cannot be taken at face value, they have proven themselves time and time again to put on a face of strength when in reality they are worse off than that appearance presents. They are also unafraid to play self defeating games just to hurt a rival, which is what I suspect is part of their strategy cutting off the rest of the worlds access to their critical minerals.

All of these elements considered together indicates to me that RNU over the long term (Phase 2 and beyond) will be well worth the wait. While DC in the past has left me with concerns, he has since then proven to me to understand where the Graphite market is, where its going and how to position RNU to benefit most effectively with what is available to us as a company.