Ann: Talga Evaluates its Cobalt in Sweden, page-18

Agree on the sentiment, although my direction is just a bit different with perhaps less dilution and more financial strength giving speed to pursue graphene.

Right now nobody, bar nerdy people in white coats and universities and are making serious money from graphene. There is no current market, no timetable or guarantee when and if anyone can create/access this market. Perhaps this is negative however almost all techs fail and graphene could just end up being another carbon nano tube market of nothing. There will however be competition as the saturated graphite companies will be keen to jump on any real advance in terms of selling tonnes made by the more serious graphene players such as TLG. If and when the graphene take shape I would expect an exponential and continuous reduction in pricing as volume increases. The early, fastest, cheapest most innovative should be best served.

With these risks in mind I see the IOCG exploration as a good fit, not a side project, being dependent on the pricing of cobalt and copper so easily bundled with graphene as future energy/electric age metals. Also spitting distance from the graphene deposits so should not require additional layers of management and non core expenditure. i.e. if these leases were located in Chile or Africa.

Typically these deposits are low grade but monsters, the finders easily holding hundreds to low B market caps in good pricing environments. With modest amounts of exploration funds and success could see options well in the money as listed by Archer9, plus higher market cap would enable more funds to be raised at higher prices. We may have a situation where TLG already has the capital or at least access to it to build full size or modular graphene plants in Sweden. Much faster than other players with just hopes and dreams as the graphene market expands.

Hope i didn't make the same point twice, however the additional focus on IOCG ranks as one of the TLGs most important releases for me.

Btw the Kell process is trying to move away from expensive roasting of PGM concentrates. The upshot of this objective (if it works economically) is it may provide an alternative route to produce copper and cobalt in sulphate form from sulphide concentrates to avoid off site smelting and refining. There is a cobalt refinery in Finland but i suspect the treatment charges are high eroding the cobalt sale pricing, so TLG is exploring a potential alternative.