Ann: Agreement with Tanzanian Government to progress Nachu, page-96

today's announcement was extremely seductive. i bought but i decided to exit for the following reasons:

1. presentation states 125,000 tpa of graphite concentrate is required for the proposed 94GWH battery plants

2. this 125,000 tpa is MNS's total production capacity for <300 microns flake

3. New York alone for 3GWH requires $130M to upgrade

4. these proposed plants are massive projects that might take years to fund & build

5. yet MNS must reserve its fully capacity of 125,000 tpa of graphite concentrate per year for these plants

6. MNS has offtake for 25,000tpa of jumbo & superjumbo, which cannot be mined alone

7. jumbo capacity is 90,000tpa yet can only be mined with the 130,000tpa smaller flake

8. yet MNS claim they might have excess capacity to process the ore of other deposits? this requires more capex or, otherwise, MNS plan to build their SEZ and must process the ore of other deposits until the battery plants are built, which many take forever!

9. MNS are acting as though they are the only company that can have a SEZ and this SEZ (without a 16% govt interest) will somehow make the other miners uneconomic

10. its too big for me. i'm too dumb