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RNS states:

The construction of the second preconcentrate unit at Vatomina has been completed, the unit commissioned and integrated with the final concentrate unit from third week of December 2022.

· The 18,000 tpa Sahamamy facilities are in the final stages of installation and commissioning with production ramp up expected to be complete by end of January 2023, pushed back from end of December 2022 owing to delays in final set of shipments for the plant.

This indicates the company would be massively off from their guidance for Q3 and Q4. Looks like the company is going to disappoint investors with its over optimistic guidance once again.

IMHO - TSG would bring massive value with their tech and down stream products otherwise we are just a mere mining company. I have a small holding here and bought mainly expecting TSG aqusition to happen. I average down but still in red at the moment. I'm going wait utill the deal unfolds, I want deal to go ahead with decent valuation, not like Poddar's family to gain from it and shaft us PI's. if any alternative other than aquisition I'm completely out.
I think we have to wait till full year results are released for next quaters production numbers.

The next big news or update would be the revised TSG deal.

More dilution to come with TSG aquisition, IMHO - it is Poddar's family owns it so expect a big dilution to regain their lost ownership.
OLD deal : On 10 October 2018, the Company entered into a conditional agreement for the acquisition of 100% of the existing issued share capital of TSG as a forward integration prospect and on the background of its ability to provide
development capital for TSG plans. The consideration for the acquisition was £2,000,000 based on the valuation of
TSG determined at the time in accordance with the related regulatory framework in India for such an acquisition. The
consideration was agreed to be satisfied by the issue of 10,000,000 Ordinary Shares in the Company at an issue price
of £0.20 per share, being the price at which the Company raised equity capital at that time as an unlisted company.

This looks like a rushed deal and no option for PI’s to take part in placing. Very badly planned by Shishir.
This is going to suppress the sp for sometime now. I don’t see any short/medium term catalyst to lift the SP up.

Battery Minerals Limited (ASX: BAT) (“Battery Minerals” or “the Company”) advises that it has agreed with Tirupati Graphite plc ("Tirupati Graphite") via a Deed of Variation to amend various clauses of its August 2021 agreements to facilitate obtaining all necessary Mozambique government approvals for the transaction announced to the market on 17 August 2021 (see Battery Minerals’ ASX announcement dated 17 August 2021 entitled “Battery Minerals agrees to sell Mozambique Graphite Projects to Tirupati Graphite” for full details).
The Mozambique Government has advised that prior to conditional approval of the sale of the Montepuez and Balama graphite projects to Tirupati the remaining conditions precedent include;
? Agreement to pay the $2.5M capital gains tax assessment provided by the Mozambique government; and
? Putting in place a performance bond for the development of the Balama Graphite Project.
On receipt of the above, the Company has been informed it will receive conditional approval for the
transaction by the Mozambique Government.
The Deed of Variation contemplates that the capital gains tax liability will be shared equally between Tirupati at $1.25M and Battery Minerals at $1.25M. It also provides that the obligation of Battery Minerals will be settled out of a reduction in the proceeds to be paid by Tirupati Graphite from $12.5M to $11.25M. On completion and after payment of the CGT, Battery Minerals will receive total consideration of $9.75M in Tirupati Graphite shares and $1.5M in cash with no outstanding liabilities.
Full details of variations are included in Appendix 1 which tracks the changes to the original agreements and the Deed of Variation signed in September 2022.

https://www.investi.com.au/api/announcements/bat/a3b4d291-4e9.pdf

Agree, the company has made fantastic progress since the inception and they are on verge of becoming profitable but the company needs some sort of revolving credit or debt arrangements real quick to take advantage of early graphite producers outside of China. Secondly clarity required with respect to the downstream operations or TSG acquisition.
Once above things are clear, the SP would fly and no stopping.

I mean Where is the trading update?

The update is very good.
But very is the trading update for Q1?

I can't believe the company is on the cusp of becoming profitable and going to produce 30,000 tpa but sp is still below the IPO price. The sp traded in many mutiples to current price in the past, the company well positioned now but the market seems to ignore it Or waiting for cofirmation.

Last year half yearly results were released on December 2nd. So not long now to see some numbers..
Build your position now when sp is below IPO price. IMHO - you won’t see sp this low again in future if any decent results are announced..

Following warrants over ordinary shares have been granted by the Company and are outstanding as on 31 March 2022:
Grant Date Expiry Date Exercise Price (£) Number of warrants exercisable and outstanding
31 December 2017 31 December 2022 0.300 1,000,000
31 December 2018 31 December 2022 0.400 1,520,000
31 March 2019 31 March 2023 0.400 480,000
31 December 2019 31 December 2023 0.400 1,620,000
26 February 2020 26 February 2023 0.675 36,000
31 March 2020 31 March 2023 0.400 960,000
15 June 2020 15 June 2023 0.675 222,222
15 June 2020 15 June 2023 0.900 222,222
30 June 2020 30 June 2023 0.675 22,800
16 July 2020 12 August 2022 0.525 41,143
14 December 2020 14 December 2023 0.450 170,329
14 December 2020 14 December 2023 0.675 113,553
20 April 2021 20 April 2024 1.350 222,222
Total 6,630,491
 

There a large chuck of warrants about to expire this December and some in March 2023 mostly owned by board and directors. I hope they would certainly exercise them as Shirshir himself claims it is very undervalued at the moment in his last twitter post. This would provide some cash injection into company.

 https://twitter.com/ShishirPoddar/status/1581956191579942912?cxt=HHwWgMDRlcqxnvQrAAAA

My apologies for getting the guidance wrong, yes it is 2100 - 2500 tons for this quarter. I agree if we hit the targets as we planned then the SP would be many multiples of current.
Shishir is very active in doing interviews and tweeting in the recent past which is very good but there is no better way than a regular/quarterly trading updates. SP automatically correct it self based on those results..

That is just the guidance for next quarter until the company publishes or confirms with a trading update nothing can be taken for granted.

I like your comparison with Syrah but the production for this quarter is only 1700 to 1900 as per company guidance.. the company has not released a trading update for previous 2 quarters. On what basis you say the company is producing 6k per quarter?

The company is boasting about its success actively on twitter but unable to attract the investors. IMHO - The sp would hardly move until the company publishes half yearly report or trading update with the cash flow details and further expansion plans about new modules

Recent investor presentation and Q&A and the increased activity on twitter from company and last tweet from Shishir which says mcap is peanuts and urging investors take the opportunity. All looks like shishir want sp to move up.
But in the current economic climate and uncertainty times, He just need to provide more details:
Revenue and profit guidance for this and next year.
Clearly define roadmap and funding details for further expansion.

All said is good, but the company needs huge funds to build the further capacity?
The presentation and Q&A was good, but Shishir could have added a bit more detail on road map for expansion with timelines and funding details.
secondly i think a revenue and profit guidance from our house broker would certainly help the sp.

New modules would be probably starting next FY, as the company want to stabilise operations and become profitable before starting new modules.
Clearly ruled out the fund raise through equity for Capex, leveraging profits from exiting 36k tpa capacity to build the new modules. may be expansion to 84,000 tpa is going be bit slower than some of us expected but that is fine.
Overall great presentation.

The company has spent £11m to build 36ktpa capacity and it is on a verge to break even and become profitable by end of this year. The best part is company made huge progress but SP is below IPO price.
IMHO - They need £16.5m for next capacity increase which is 56ktpa, the company previously stated that we are going fund this through profit. but looks like we have to wait long time for this by looking at the recent guidance. Until there is more clarity in this regard the SP would not move much.