Ann: FGR presenting at Emerging Growth Conference, page-9

hmmm, idk - I am lost about what to expect. Just to remember:



WG expected that ALT, Steel Blue and NewGen alone would generate around 20 tpa. But the reality is so far that not even the agreed min. value (3 t NewGen, 2 t Steel Blue, 2,5 t ALT) has been sold. Furthermore those non-disclosed 2 new customers got mentioned in January already and that they will finalize the related contracts soon - 5 months have passed by since... TPR2 seems to be not working anymore on Firestop. Planartech was expected to take 1 tpa (WG expected them to be a lot bigger), but the reality is they only sold 200 kg to them. So does WG provide conservative outlooks?

In one of those research reports they provided an outlook up to 2027, their target is based on that to achieve 200-300 tpa until 2027. This target was originally to achieve in 2022-2023. Beside their forecast, concrete and energy storage would require millions of tons.

For example Nanoxplore has setup a 4.000 tpa facility and expects to expand its capacity to 100.000 tpa within the next years. Skeleton has a LOI in the billions with a German car manufacturer. But WG still states that there is no competition, only FGR produces Graphene at industrial scale. Whom to believe?

They see the max. output of Sri Lanka at around 1.000 tpa - not enough to serve the industry in terms of concrete/energy storage. WG stated that their production costs are around 100k/t (hrhr, some months back this number was 50k/t) - why is it that high? A 100 tpa facility costs around 5 m, the graphite 2k/t...

Yes now they have more headcounts which means higher costs, we will see if they are worth it.

Until now we are not close to any forecast WG has given to us... I will re-think this investment after the upcoming presentation at the Graphene Council, we will see if they bring something up that changes my mind...

Cheers