WKT Chart, page-42

Just some recaps from IRR research report. It should be noted that Walkabout Resource have defined a smaller project with many indicators expansion of resource is also of shallow high grade. The smaller project will allow for lower start up costs and low ROM of $292 plus $60 contracted to port. The low ROM is directly achieved by high grades 16% TGC across life of mine shallow depth and modular plant. They have grades of 5%  TGC on the edge of indicated resource but have determined this of non economical graphite for start up. They have used a cut off grade of 8% making this one of the highest cut offs used from current peers. There resource is differentiating it self to others by remaining small manageable and suitable for niche and expandable markets. There is work being done on spherical but this does not appear to be our focus on start up. It would be higher risk to compete against China with battery feed and an uncertain market with possible over supply until the many conversions of battery factory's.

Croc