My take on the news:

1) Timeline will be pushed back about 2 months for PEA

2) SGS is now calling ZEN's graphite unique and therefore something special, this is very encouraging

3) 20 NDAs have been signed this is a lot of interest, very good news.

4) End users are specifying what properties they want in the material down to BET, particle size and size distribution. This is almost like they are getting ready to place an order, this seems like good news

5) RPA is done except for the purification work from SGS, this is also encourging.

6) " interested corporations are looking for large tonnage (long-life), high quality resources capable of producing a superior and consistent product in a politically stable jurisdiction.

This statement in the press release may seem like a given, but it bears repeating, ZEN has a long life mine potential, with large tonnage, capable of producing superior product in a safe business friendly location. We basically have what everyone is looking for and more.

Overall its a bit disappointing that the PEA is delayed but given that no one has ever developed a purification scheme for material like this before this is the least concerning reason for a delay, if fact if might have been expected.

Everything else seems like it is on course and there is a high level of interest from end users.