NOU's GHG footprint 11 times lower The take-away from yesterday’s news release is that the greenhouse gas footprint of NOU’s graphite is estimated to be 11 times lower than Chinese graphite. This is important because recent news articles pointing to the energy intensity of battery critical minerals production and thus the drawn-out time frame for an electric vehicle to achieve GHG equivalency with an IC vehicle, are undoubtedly considering critical minerals from China. Nickel pig iron from Indonesian lateritic ores is also six times more energy intensive than sulfide ores. It appears likely that critical minerals sourced from Quebec, will have a GHG footprint an order of magnitude lower than those sourced from China or Indonesia. Over the past year, the market has reacted to any company promoting their ESG credentials, by kicking that company promptly to the curb and the market’s response to yesterday’s news release was no different. But we could see a delayed reaction here and let’s hope for at least the start of a change of attitude in 2024.