Ann: Optimised Product Mix for Upstream Graphite Production, page-41

If we look at the flake mix changes provided in today's announcement vs that provided in the 2023 revised DFS, then utilise the current spot prices that were provided in today's announcement and quoted on AsianMetal.com

It results in a ~7.2% Increase in flake basket price. At today's current prices the DFS would yield US$662 vs the revised basket of US$710

A small positive step, but to be frank graphite pricing is going to have to improve before the project proceeds forward, the Chinese have the full court squeeze going on preventing any new entrants making their way onto the court