CR, page-28

mongy, in a constructive vein, can I suggest you read, and digest, the detailed info in the prospectus, particularly the Independent Technical Report.
It really will save you the trouble of raising such stupid questions, particularly re commercial in confidence issues and perhaps Fig 1.6.3 showing 15% pa underlying price growth from 2003 may provide you a better understanding rather than your selective period off the top of a bubble.
BTW, the price point used was +80 Mesh 94-97%c whereas Uley coarse flake can be taken to 98% with simple flotation, no chemical purification required. Also as ROM is clay based little or no crushing is required resulting in minimal damage to flake.

http://www.valenceindustries.com/pd...aphite-Limited-Replacement-Prospectus-VXL.pdf