Ann: Offtake Agreement with Major Graphite Distributor, page-78

I really don't like saying this on other graphite sites but you need a very large economy of scale to be viable with low % TGC projects , the PFS was done on a large scale as I recall of about 18o,oo0 ton product PA operation processing many millions of tons , the basket price could look good on that 4.9% but the big problem is the 4.9% TGC with a cut off of about 2%? but a small 20,000 stage 1 project you need to process thousands of tons of material to get 20 tons of product, that is very expensive ,a revised PFS on a small scale 20,ooo ton project working on 4.9%TGC to see how much profit ? comes from that is warranted , just my thoughts that the faithful should consider.