Ann: Energy & Battery Minerals Conference Presentation, page-11

Indeed having all our production pre-sold for 2018 is another huge derisking factor for recommissioning the mine and ramping up production.

I bet our european offtakers cant wait for first shipments of high quality large flakes graphite from the newly refurbished mine. When your customers await with impatience the receipt of your product then you know you are onto something.

Investors shoukd keep in mind that Stage1 6000tpa is just the beginning a sort of big proof of concept pilot plant once successful big money will come with stage2 20.000tpa and downstream value added processing of graphite in the form of high growth high margin business of expandable graphite (3000$ - 4000$ per tonne ? With total costs inclusing mining of just 1000$ - max 1500$ per tonne ?) These are crazy margins and i can see why bsm management decided to go this route especially that our largest flakes graphite is most likely best in the world (read most suitable and amenable to expandability see previous test results in previous announcements).

As you can feel I cant hide my excitement regarding this new downstream higher value expandable graphite route bsm is pursuing.

For me this is a game changer to future valuation and fair market cap and i feel so sad and unlucky that i dont have at this point in time more cash to add to my position at these undervalued share prices which do not yet take into account neither expansion plans to 20.000tpa nor this new game changer plan of producing in madagascar high margin expandable graphite let alone any possible positive surprises from the exploration of the lithium deposit. Good luck to all ! Very exciting times ahead of us !