Ann: Leading Market Position for Kasiya's Low Cost Graphite, page-4

You make a couple of critical points....1. No two graphite signatures are alike and not every signature will be suitable for electrochemistry applications (i.e. tap density, ash composition, ability to achieve acceptable SPG yields (> 50%), etc.)...2. Suitable mesh sizes for downstream processing is -100, -150, -200 Mesh; and it is not financially feasible to destroy / grind medium or coarse flake (+100, +80, +50 Mesh) to a lower price product (i.e. -195 / ~ US$ 840 MT FOB PLANT). If a graphite producer has a downstream processing operation, then they can process their lower end medium and fine flake for micronisation, SPG processing, etc.; higher end medium flake and coarse flake processing can also be achieved for High Purity Coarse Flake, Expandable Graphite, Expanded (Exfoliated) Graphite.

A diversified progressive marketing strategy should be pursued generating cash flow from traditional and short-term qualifications to provide CAPEX and working capital while longer term qualifications are completed. The name of commercial game is to make money for investors and to sustain longevity as a graphite producer.

It is critical to have graphite industry and application knowledge both technically and commercially to increase the likelihood of product and brand name recognition and overall success as a reputable graphite producer.