Ann: EcoGraf Battery Graphite Update, page-79

..."In the shorter term I am predicting at least $1.50 - $2.00"...

If EcoGraf is as good as I am hearing and a partner commits to participate in it's commercialization, then you target can be reached in a relative short time. For now I treat EcoGraf as a brilliant bonus, if it comes good.

However, our core business alone should see your price target reached by end 2020/early 2021, keeping in mind that due to the GT delay, now both mine and downstream processing facilities will come online almost simultaneously. The combined NPV is very solid:

Keeping in mind that, once again due to the GOT delay, our mine will be build with the knowledge that 100ktpa production increase will not be to far off once nameplate production is reached, by 2020/21 EV uptake will be in full swing and storage will be to compelling, form a price point, to be ignored and there will be a substential pressure on Battery Materials...keeping in mind that G is by far the largest component of raw materials needed

for LiB's...this is very similar in both EV's and Storage Batteries. 

So knowing 100ktpa will be not far off and our construction company GR Engineering is a top 10 SH in KNL, so they will esure to additional Capex to increase our output from 60-100ktpa will be at a minimum and I also think a lot of PPL have forgotten/don't realize that we will be able to increase yearly output by increasing hours/day...therefore the NPV on 100ktpa will be something special to look forward to.

Add to this the benefits that securing Bank Finance for large portion of our Capex, will have a very positive impact on our cash flow and preserving our low SOI = better earnings per share.

Bank finance will mean longer repayment terms at much lower %interest, everyone should know what those two benefits combined will bring to a project.

Just to illustrate how solid our partners are...if you look at ATC, who also chasing finance via German Loan Guarantee...they had to redesign their 

BFS and their CAPEX blew out completely...point I'm trying to make...there are lots of projects out there releasing very promising BFS's, but when commissioning time approaches usually the Capex is blown by a large amount...our BFS has been tested independently (also very rare) - this should give very strong confidence for LT investors, and I think CBA and GR Engineering and the rest of the top 20, who hold 50% of KNL, seem to agree.

All IMO

2018 - The Year Of The KNL