Mark, your post says: "Also, back to thinking the PEA is a mute point, as we will see the more important “End-game Buy-out” long before we will ever see the PEA. Actually, we won't see a PEA!"

Your scenario is quite possible with ZEN with its current surrounding

- A good -sized resource of high quality graphite as estimated by RPA with a recommendation that further drilling would be needed to improve the PEA to make it more economically attractive. In my opinion, the resource estimate is probably good enough, but additional data would provide more tonnage and flexibility for pit shell optimization (extract the high grade first). Tonnage and high grade would help Capex determination.

- Quality: High quality has been demonstrated by bench-scaled analysis, but bulk sample results are the key item for a potential customers. It's understood that small samples (e.g. 10kg/backpack size) have been given to some 20 interested parties with NDAs for them to do their own testing.

- Bulk testing: But bulk sample (tonnes?) tests done at SGS are expensive. If these are done at ZEN expense then ZEN would need to be careful. It must narrow down the interested parties down to just a few, e.g. one or two, before doing the bulk testing based on the end-user's specifications, since no company including ZEN would want to be sent down in some expensive wild goose chase. May be the Japan trip had something to do with narrowing down the potential end-users. An opportunity for AE to size up the counterpart(s?).

- PEA and BFS: The next step after the PEA is the BFS which is (conventionally) done to impress the bankers, if the company need to do a financing with them (for the Capex). But ZEN may be in a different situation. If the bulk sample results are suitable for the end-user's specifications (assuming this is a biggy with deep pocket) then there would be no need for a conventional financing with bankers, since the deep pocket could probably financing the whole bit itself, for a stake in the company and a secure supply of high quality graphite.

In this postulation, the PEA and the BFS may never see the light of day. I would be prepared to bury these two reports for a $10/s TO offer, lol!

Only my speculation, of course.

goldhunter