Ann: Graphmada Graphite Mine begins Recommissioning, page-14

The valuation paragraph from BCP Equities research notes, August 2017.

We have updated our sum-of-parts valuation of BSM using a discounted cash flow to value the Graphmada Graphite Mine. This valuation has taken into consideration the additional capital raised by the Company and the delay in completing the Stage 1 production upgrade. It is based on the operating and capital cost estimates from current optimisation plans and expansion estimates provided by the Company. We are modelling that operating costs on an All-in Sustaining Costs basis will be approximately $745/t once production recommences at 6ktpa and approximately $580/t once the new 20ktpa processing plant is fully operational. The forecast average basket price received from the flake graphite concentrate products has been maintained at approximately $1,200/t. In addition to the capital expenditure, operating cash margins and corporate expenses discounted at 10% over the life of operations, the most recently reported cash balance and the $0.1 million purchase price for Millie’s Reward generates an estimated Net Asset Value (NAV) for the Company of $65.7m or a price target of $0.034/share.