Ann: Change of Director's Interest Notice - A. Kabunga, page-23

Good note KTM! I also converted my options.

Next year should prove very interesting if this note on the Graphex forum is true on the expandable graphite market. It states "China needs 40 million tonnes of fire retardant building material per annum, which will contain 5% expandable graphite". In other words "2 million tonnes of expandable graphite" is required per annum.

To put this into context they estimated total global production of natural flake graphite in 2016 was 860,000 tonnes and not all of this material is able to generate expandable graphite. It is commonly understood that Chinas course flake graphite reserves have largely diminished and supply is also under threat by environmental restrictions forcing mining closures.

Expandable graphite can command a different pricepoint it seems from the normal graphite prices out there advertised, as Graphex have quoted there will be significant upside to their basket price estimate used in the pfs.

It would be good if Volt and other graphite players with expandable graphite resources could also educate the market in this area.

See link below.

https://hotcopper.com.au/threads/an...andable-graphite-demand.3918509/#.Wjg7x3PmjqA

Have a safe and Merry Christmas everyone, I think 2018 will be a much better year for both tired and new investors!