Patersons Research Update, page-12

Definitely not misguided monsters but this is the ugly truth of corporation greed against the everage investors.

Monsters They have given us a 50% discount due to risk being in Tanzania at 22 cents valuation for production to be lagged in the 1st Quarter 2020."1st Quarter 2019"

A further 4 cents can be added if this gets up as per management guidelines with lots already happening in the back ground.Who do you back Patterson's or management....?

Assuming production is achieved 2nd Quarter of 2019 26 cents is applied with a 50 risk factor...Historically Tanzania risk rating was 10 and some analysts more recently used 12 but not 50%"WoW"

The revenue figure and EBITDA was only to the end of financial year 2020 not a twelve month forecast for revenue.The basket price which has been appreciating due to battery takeup and limited supply did not get a run.

It would have been nice if they could have mentioned our other exciting prospects but one can foresee this was not in their interest.

"Was it"

Supply of High quality large and super jumbo flake graphite suitable for expandable markets and specialty in high demand and limited in nature with each current off take partner all wanting 40,000 TPA.May be we could forward a copy of Father Ted's video interview with Trevor Benson.Lots of interest from China and Germany for Off take but this also does not get mentioned.

Croc