Ann: Change of Director's Interest Notice, page-45

spid81

graphite density is 2.26t/m3 for crystalline graphite. Use this rather than Talga number.

The folowing quote from Elcora that had produced 18,000 tpa at some point gives some idea of width and future of likely FGR discoveries:

"Historically, the peak production of these 12 veins was 18,000 tonnes per year. The mine was abandoned due to improper mine planning and infrastructure. The vein structure remains open at depth both downward and into the mountain.
....
Two drilling locations were used at the 0 m level exploring into the hill, which discovered three veins ranging between 15 and 24 cm in width within 10 m of the old workings. These veins are currently being mined.

An additional drilling location is currently being exploited at the 38 m level to pass under the historical working of the mine. This has already resulted in locating the 5 veins with widths of 66, 40, 20, 20 and 15 cm. Additional holes are being drilled in order to further define these veins and the current shaft is being deepened in order to provide access for future work.

The graphite grade in the Ragedara veins ranges from 92-99% graphite. Historically, some of the veins have also contained fist sized silica than can be selectively mined from to graphite resulting in two potential products."

And this is why $100,000/t will not eventuate:

"Under the terms of the agreement thyssenkrupp has been appointed the exclusive representative and distributor of Elcora’s high purity (greater than 96% purity) graphite production for the territory covering the European Union (EU 28), Russia, Turkey, USA and Canada. thyssenkrupp has been provided the right to purchase 50% of the vein graphite or other graphite produced by Elcora during the term of the agreement.

Under the terms of the agreement thyssenkrupp undertakes to market 9,000 mt p.a. (50% of the estimated 18,000 mt p.a.) by year 5 of the agreement. thyssenkrupp has the option to renew the agreement for an additional 5 years from the initial 10-year period. The high purity graphite is anticipated to be sold to end users in the lithium ion battery market and for other high end technology applications." March 2016