Interesting, page-13

My opinion is that once you prove a JORC more than 20-25 years of current total world demand (approx. 30-35mt contained graphite) anything above that is really meaningless. For comparison sake what then does matter is grade, flake size/distribution and most importantly opex. Opex will be derived from a combination of many factors external to the deposit itself (infrastructure!) but most importantly metallurgy, grade and ‘mineability’ of the high grade areas of your deposit. SYR have already mentioned that they currently believe that anything below 13%TGC is waste so there is no point in even looking at those areas of your deposit. The high grade zones are all that matters. High grade mineralisation needs to occur in zones that are wide, thick, near surface and amenable to cheap open pit mining. In this regards SYR’s high grade zones at Balama East and West still look extraordinary.