Ann: Diamond drilling commences at Mahela prospect, page-15

Syrah has difficulties producing large flakes graphite, BSM despite its currently small size is basically the only graphite producer specializing in large flakes production. Large flakes are rare and premium priced unlike small flakes (we are talking 500 US$ per tonne VS 2000 US$ per tonne). This business is all about margins per tonne. I am confident once we hit consistently nameplate production and beyond over the coming weeks, our margins per tonne will improve dramatically and our expansion projects would become suddenly much more attractive for big institutional investors.

I am extremely bullish on BSM prospects, successful business is all about timing and the Graphmada mine is now on the right time / right place to be, my main concern is that I don't have the cash to accumulate at these bottom levels, it is frustrating but that is life. Lucky those with cash...My lesson learned is to always keep a prudent level of cash in case the share price of an interesting company becomes ridiculously undervalued by mr market. As Warren Buffett likes to say big opportunities in life do not come often and when they come we have to be prepared and seize them. Happy multi-bagger investing and good luck to all.