Ann: European Customer Request VHD Graphite Samples, page-36

VHD isn’t the only project heading towards commercialisation. Our potential here is huge.These fibres would be worth US$11000 per kilogram.So much to like here.


Torrington Minerals (NSW) ProjectThe Torrington project (100% GCM ownership) located in the New England Orogeny of NSW,encompasses almost the entire Torrington Pendant, a metasedimentary roof pendant within the MoleGranite.ASX GCM | ABN 12 118 788 846 6 | P a g eDirectors’ Report (continued)The Company continued the process of reviewing previous industry assessments as well as assessedcurrent potential for the sale of Topaz concentrate at the Torrington Minerals Project to underpinmining activities, opening the door for production of very high value mullite fibres and high-end non-oxide ceramic fibres which have been predicted to sell for approximately US$11,000 per kilogram.Research conducted on the mullite fibre has identified its potential to enable the production ofdisruptive beneficiation technology aimed to transform low value topaz feedstock into high valuesingle-crystal mullite fibres for use in Metal Matrix Composites (MMCs) and Ceramic MatrixComposites (CMCs).The Company’s wholly owned subsidiary, TopFibre Pty Ltd, in collaboration with UNSW, previouslyconducted extensive research on the production of single-crystal mullite fibres from topaz (see ASXannouncements 9 April 2019 and 3 July 2020). The research highlighted the superior thermal stability,mechanical strength, and lightweight properties of mullite fibre-reinforced composites. However,further development was paused due to resource constraints and COVID-19 disruptions.With the acquisition of the VHD Block Technology and the recent appointment of Professor AndrewRuys, a globally renowned expert in oxide and non-oxide ceramics, GCM now has the capability toprogress advanced material technologies such as the mullite fibres. With this new capability, theCompany continued to review its previous research with an intention to define a pathway tocommercialisation for its single-crystal mullite fibre technology.