Foster Stock Broking - FGR Broker Report 17th June 2019, page-8

Hi Tamborine

FGR expansion / Modular production.
FSB was more than happy to discuss all of FGR's rival companies expansion plans, They only once mentioned that the FGR's cells are modular, they failed to mention that FGR can rapidly expand production capacity at a capex of only $1mil (not $2mil as claimed) with these modular units being able to be installed at or close to the end users facilities.
Why not advise FSB readers of FGR's plans to expand into Europe with an expected capacity of 2ootpa, or its future plans of 500-1000tpa in the near future?

FGR's Graphene Specification
No real mention of FGR's ability to manufacture Jumbo platelet graphene, none of the other graphene producers that FSB quoted can manufacture lateral platelet graphene above 5um, if they do manufacture graphene above 5um, it is either graphite or uneconomical to produce.

VFD

To only quote the Vortex Fluidics ability to manufacture nanomaterials is missing the bigger picture of what this device can achieve. They only needed to look on either 2dFluidics or VFD's website where they would discover this ability of this device is significant.

• Refold misshapen proteins
• Process oily fluids
• Slice single and multiwalled carbon nanotubes
• Fabricate mesoporous silica
• React thin films with plasmas
• Develop a wide range of novel chemical transformations
• manufacturing biodiesel which is expected to be worth $56 Billion by 2025
• Green Graphene oxide production - go is expected to make up 40% of the future graphene market.
• Modify the composition of wine
• medical applications and drug delivery
• 2 methods improve the efficiency of perovskite solar cells- is expected to reach $2,010Mil by 2025
• it also failed to mention the list of nanomaterials this can make, c60, c70 fullerenes, phosphorene, Green fluorescent graphene quantum dots

or more recently, its production ability to process nano fish oils and dairy into more nutritional foods.

They also didn't mention revenues that FGR can achieve by selling these units to research or Universities.


XG Science, I don't know why they even bothered quoting their graphene price of US $68k per T, they stated that they do not produce mono layer graphene or Few layer graphene, anything above 10 layers is now considered graphite by the new ISO.

XG Graphene spec's





Versarien Sales - $9mil GBP

Versariens main graphene product is Nanene, it is held under the company 2dtech, the total sales in FY18 was only $68k GBP. all of Versariens income came from their plastic and carbitech companies.

They probably should have added that VRS use mechanical exfoliation to manufacture its graphene. where earlier in the report they highlighted this method has issues with restacking, needs other chemicals added and has tiny platelet size.



I also think that FSB should have added a few expected market sizes for the graphene markets they expected Graphene to be used in,

Water Filtration alone is expected to worth US$44 Billion by 2025. With VFD's ability to manufacture green Graphene oxide, it could see a significant share of this market.