Ann: 99.99% Spherical Graphite Produced Fom Siviour, page-66

All good new, but these are all lab results and not commercial production...Does Renascor possess the production capability to produce any added value graphite, battery grade or expandable graphite? At this point if Renascor is able to produce any commercial graphite concentrate ( still a long way from even that happening), will be sold to processors or resellers and any modeling incorporating higher than average sales prices will fall woefully short of target revenues and margins.

The lab results are excellent indicators, but far from commercial production results. No customer will sign ANY multi-million dollar take or pay supply agreement based on lab results. Bulk trials and extended end user evaluations are required. Fire retardants take up to 3 years to qualify a new expandable graphite supplier.

As for expandable graphite, not every signature will qualify for fire retardants, foils, or HMF applications. There are specification limits on ASTM mesh size fraction spreads, chlorides and fluorides, purities, expansion minimums and maximums as examples.

It would be prudent to focus on being able to produce a base concentrate before moving forward with products that require millions of dollars in CAPEX to be able to produce. There are natural graphite production operations today that can barely meet purity or mesh fraction targets for graphite concentrate. One Madagascar operation has been battling purity issues for several decades.

I keep referring back to the now defunct Valence Industries that had more than 30 customers lined up that had qualified commercial concentrate production, yet the plant could not consistently meet or even come close to target purities. Hence, all the lab trails and prequalification in the world did not do a bit of good and resulted in no sales.

Any start up that assumes they will be able to produce a base concentrate within industry parameters consistently from commissioning with out issue, let alone produce any simple added value production, is cynical at best. This will also become very evident with a new large producer in the near future.

Focus on natural graphite production fundamentals, instead of the pie in the sky mentality! You have to walk before you can run marathon.