Ann: Ancuabe Permitting Update, page-108

The problem you have is flake graphite deposits are plentiful around the world especially in Africa, Canada, Australia, Russia and china. That's your problem. If you are familiar with ton, brad Boyle went to a conference years ago, and there was 100 hopeful graphite companies there, that wanted to develop a mine, all where looking for take off and finance at the time. That's the competition. The Chinese just about dominate the whole graphite market , they have since the mid 80's. Yes there is going to be demand growth from batteries, but that market is going to get swamped with supply, hence why finance companies are shy in throwing money around to graphite company's and if there are any deals they are vague and easy to get out of.

Be careful of the graphite market, the price has crashed the last three years, that tells you over supply.