Ann: Successful 60 Tonne Pilot Flotation Program Completed, page-10

DogEatDog, this is not a NEW change in direction. The whole PFS and pending DFS is based around the Vittangi graphite anode project. This can be clearly outlined in the market updates and announcements over the preceeding year.

The graphene development is ongoing and will take time. I don't believe the market caps of companies developing graphene alone can be justified (at this stage), due to the sheer volume of sales required, but I admit it is more alluring to retail investors. In time, I would expect that the graphene sales will be a good part of the overall business model. But right now, TLG can potentially be a $1b company and that is because of the graphite anode project alone, with the path to get there clearly outlined. To expect this on graphene product, R&D and sales alone would be unrealistic IMO.

In regards to differentiation to other graphite producers there is a few factors here:
1. Grade
2. IP and the R&D ,and;
3. TLG does not intend to sell raw materials into the supply change, but rather maximise margins by selling the final product direct to OEM's and battery companies.

The other major point of differentiation that I believe hasn't been fully valued is the pressure large institutions are increasingly coming under to invest in clean and sustainable businesses. This means, an advanced materials company, supplying the cleaner energy market with a low CO power consumption, in a mining jurisicion free of conflict/ethical issues is going to be looking very attractive once de-risked and up and running.

All IMO and DYOR.