Ann: MoU with Gerdau S.A. to Open American Markets to PureGRAPH, page-73

...they did several expansions in the past but we are still at 100 tpa production capacity. You may replace expansion with working capital ;-) Ok to be fair, they probably optimized some stuff and modified the setup in regards to the VFD and metal oxide decorated graphene. But in the end it makes not much difference, they need money from their shareholders as long as they are not able to sell enough graphene to become profitable.

Based on the Arrow Head report they expect to generate round about 50-70 mn in revenue in 2027, translating to 200-280 tpa. If you take a look at the last Sales and Marketing Update from 2019 (Microsoft Word - 20190319 FGR ASX Graphene Marketing Update March 2019 Final (markitdigital.com) you may notice that it was expected to reach 100 tpa within this year and 200-300 tpa around the year 2023.

Furthermore to reach round about 200-300 tpa in 2027 is a disappointing forecast. Think about batteries and concrete - VW, Varta, Tesla, BASF, etc. are all building new battery facilities in Europe and the demand is huge. Just check Skeleton, Talga, Northvolt.... There is no better time to capitalize the VFD/metal oxide decorated graphene, hopefully they do not miss this opportunity.

So in the current business year we have to see at least that they match their forecast just given some months ago. If they raise 2.5 mn or not does not make a big difference...

Cheers