Ann: Non-Renounceable Issue Shortfall Notice, page-24

Steve,

Used $5000/t as an easy number to show the point at which the production cost for TLG could be a donut. Although i agree $5000/t is probably low the fact is there is no sale price for graphene in any volumes, what is being quoted is a few kilos for research. For miners who need volume the most exciting development for graphene is as an additive to aluminum and cement as these would carry volume in existing markets, rather than longer lead time applications with no volume that attract headlines and keep people in white coats employed. These bulk applications would need a lower price higher volume for graphene. The sale price will also depend on the cost to convert graphite to graphene from other mines. Also waiting to see if TLG has a marketing advantage for their graphene compared to products produced via conventional means. So happy to be wrong and TLG can sell 5000t (and more) of graphene for many multiples of $5000/t.