22 April Far East Capital weekly commentary, page-13

1. TlG does have trial mining permit. Otherwise how could they run trial mining?

2. Highest purity doesn't necessary mean suitability. I think I have gone through this before. Not until you test it, you would not know whether the highest purity can provide more benefit or marginal benefit than less pure product. Because in the end, suitability is the key to justify the high charges. You can claim the highest purity, but you cannot claim the suitability, not until you test it.

3. FGR is currently sourcing graphite from SL government not from its own mine.

4. Graphene might be saved from transportation. What about graphite? Does FGR want end user to use its graphite or not? Doesnt it still need to ship graphite to end user?