Ann: Annual Report to shareholders, page-13

Good Morning Nunga,

It is good to see that you cannot understand the financial report,

The reason for the increase in loss was due to the company writing off the value of the Sri Lankan mining operation, ($1.85mil) if you look at the QTR cashflow report, the company was expecting a $5mil loss for the year.

Sri Lanka – Exploration and Evaluation Assets In July 2018 the board took the decision to curtail mining activities at Aluketiya, Sri Lanka and to place all exploration and mining assets on care and maintenance. This decision enabled management to focus on the Company’s core business of graphene development and production and generated considerable costs savings. Contemporaneously, the Company continued to purchase and import high grade graphite from Kahatagaha Graphite Lanka Limited (KGLL). As at the date of this report FGR holds over 300 tonnes of raw graphite in its warehouse in Perth. As reported on 4 July 2019 FGR placed an order for an additional 500 tonnes of KGLL graphite. Given the above circumstances the board has resolved to write down the carrying value of its exploration and evaluation assets as required under the accounting standards. This conservative approach will also ensure future earnings are not impinged upon by future write downs in these assets.

The Board has assessed the requirements under accounting standard AASB6 - Exploration for and Evaluation of Mineral Resources, and as a result of the change in strategic direction has determined the carrying value of the Group’s interests in Sri Lanka should be reduced to nil. A provision for impairment has been made and the carrying value has been reduced accordingly

Morning @BlackBeak

You should have a look at the Corporate Government Statement that was released yesterday, FGR's employees have grown from 30th June 2019 14 to 18 Employees, over a 2 month period. It would be nice to know if these are additional sales/marketing, research or employees to help with producing graphene.

https://firstgraphene.net/wp-content/uploads/austocks/fgr/2019_08_30_FGR_1567145820.pdf


I am surprised that no one mentioned that Andy Goodwin converted part of his shareholding, (450k FGROC's $67.5k)

@Idjut - I am sure we can all work out what he is up to. No doubt he is trying to talk the stock down to accumulate, 18c seems to be his target.

I doubt he understands that FGR currently has around $8mil in cash with sales now commencing, I will be surprised if FGR reaches it BE by Christmas, I was expecting the company to announce more sales agreements than it currently has disclosed.