Ann: Tanzanian Graphite - Investor Presentation, page-2

Why is the Company still quoting financials that are based on a PFS that is reliant on a production figure of 171 kt/y?

The new Strategic Plan clearly states production a figure of between 10 and 20kt/y with no production planned figures supplied at all for Stage 2.

ASX announcement 18/05/2017 states that the original PFS is no longer valid.
"Whilst the Company previously released the results of a Pre-Feasibility Study in relation to the development of the Namangale Graphite Project on 16 December 2016, the Company is now revisiting that study based on the Company’s revised objectives for the Stage 1 production from the project."

No new PFS has been completed and the Company is still quoting figures based on the old, redundant PFS even though production is now only 6%-12% of what was originally planned


Presentation




PFS 15/12/2016

"Forecast annual production of 170kt/y of graphite concentrate, with non-binding MOUs for 100kt/y from three China based end-users"

"Annual OPEX is estimated at US$93M which equates to LOM average of US$536/t (FOB Mtwara), which translates to annual US$195M EBITDA."




Given the above, how can the company possibly publish this with this disclaimer??
Is not an output decrease from 170kt/y to 10-20kt/y new information that represents a change of material assumptions and technical parameters that underpin the estimates of the original PFS?


Presentation disclaimer
"Refer to Volt’s ASX announcement titled ‘Pre-feasibility Study Completed” dated 15 December 2016. The Company confirms that it is not aware of any new information or data that materially affects the information included in this document and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The company confirms that it is not aware of any new information or data that materially affects the information included in this document and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed."


I'm obviously missing something here.......