Ann: Tanzanian Graphite - Investor Presentation, page-64

Stage 2 does not exist without funding and binding offtake for stage 1. And funding will not exist for stage 1 if it does not make money producing 10-20ktpa.

A small scale operation clearly makes sense but the OPEX will be greater than US$550 per tonne. The issue is how much margin exists (if any) and furthermore what competition potentially stops VRC in its tracks. That's why I mentioned SVM and their recent scoping study with a US$300 per tonne OPEX. They make money under almost all pricing scenarios and can ramp up production to multiples of the scoping numbers if required. Volt cannot compete with those numbers. And resource size is where VRC went wrong before, it doesn't matter how big it is if you can't sell it. Look at the grade of SVM versus VRC. The cut off grade for SVM is higher than VRC's resource grade.

And then there is SYR, GPX, etcetera. Volt is one of the weakest in the bunch yet the cheer squad is one of the loudest.