Ann: Battery Anode Product Strategy Driven By Premium Pricing, page-10

Grade & Purity are different factors. In Graphite grade is not overly important, the 2 most important factors are purity & flake size

The head grade refers to what is in the ground i.e your resource is XX Million Tonnes at XX Grade

Purity on the other hand refers to processing your material, what TGC you can achieve. Todays Met Lab results said after crushing + flotation, they achieved 81.3% (Purity). This is sub-standard when most of SGA's peers are achieving 94-97% after flotation

The company then did further purification (Acid wash, caustic roast & calcination) even after these steps they achieved 92%

Perhaps the worst Met Results I have seen for a graphite company on the ASX

An MD or CEO is never going to tell you their short comings, their job is to pump the positives and hide the negatives

SGA has a massive resource, which is at a high grade

Unfortunately the flake size is way too small & the metallurgy shows their is high levels of impurities which leads to very low overall purity (even after purification)