Looking forward Stifler1, Have been looking around at other...

Looking forward Stifler1, Have been looking around at other projects and can still not find another with the same metrics as Lindi...Low capital intensity higher free cash margins, debt-funded and well into development...The construction stage of the plant is now underway as foundations make their way out of the ground... First mover advantage over unfunded projects into premium expandable and coatings markets...

The performance of higher fresh oxide material starts from the surface which Andrew Cunningham confirmed at the AGM...Fresh oxide has higher consistency larger flake size to be fed through the plant...Only a single grind process is required to achieve 90% purity on the first pass...The graphite liberates easily as it is foliated where floating separates the layers while maintaining a higher flake size...

Weathered oxide has too many variables being fed to plant a RED FLAG...Mild weathering,mid-range weathering and high range weathering are all inconsistencies of ore where grinding offers no midpoint solution...Over grind then under grind...



Fresh oxide material offers a higher homogeneity giving greater feed plant consistency...

If the project achieves US$1200 free cash margins will give earnings of roughly 14.8 cents per share...A modest P/e of 10 = Aus $1.48 on 40,000 Tpa (450,000 shares)

Recent pricing is paying a 15% premium to the DFS...

Commissioning commencing 3rd quarter where by the 4th quarter US$15.3 million of invoicing per quarter maybe achieved...

While the plant can achieve 55,000 tons with zero capital injection...The company is receiving daily fresh inquires...While all eyes turn towards Scotland Black Craig drilling results...



Regards Croc