Ann: Repositioning North America Coal Investments-PAK.AX, page-12

In terms of coal, at the risk of repeating what we may all know, PAK's focus is coking coal used in steel production, not thermal coal used in power generation. In terms of coking coal, theirs is of very high standard. They may feel that Elko is too strong an asset to divest, while also investing in a revolutionary product like graphene.

Warwick Grigor has said that, upon completion of the Imagine IM transactions, PAK should be seen as a graphene commercialisation company and an IP developer. I wonder if we might one day see a merger of FGR and PAK, with vertically integrated graphene production and premium quality coking coal supplying ongoing expansion of the Chinese, Indian and other economies.