Quote from the International Resource Journal, December 2012 issue by Gary Economo:


“Everything is dependent on each other. 
At first we had to have a PEA in order to be able to 
get some off-take agreements from our customers 
and we need the off-take agreements to get our 
financing. Our next phase is to focus our efforts on 
our off-take agreements with our customers.”
So we need an offtake first. I personally would like to see(and expect to see) revised PEA, grafoid NRs etc. before financing to rise SP so that there wouldn't be excessive dilution. We also need the money for the upgrading plant(eg.100milllions?), which i think is meant to be operational at the same time as Lac Knife. It would be nice to see SP close to 2CAD before going for any equity financing. Other than that would be disastrous for the loyal holders here. But, as always our SP is up for the market to decide.
Wrt offtakes, we have RPA confirmation that there is demand for Lac Knife's graphite exceeding  production quotas expressed in the PEA. Given the history of the deposit, low production costs and proven demand, if Focus somehow wouldn't be able to get the offtakes, I think there's little hope for the rest of the pack.