Ann: Outstanding Lithium-Ion Battery Anode Results-MNS.AX, page-155

Hi Utrade,

It's not surprising that you have not seen the announcements covering those areas, as they were quite some time ago.

The figures for operating costs of the proposed Spherical Graphite facility, in the US, are contained in the announcement of the Internal Economic Assessment, dated 18 June 2015. On page 4 of that announcement, we see:

Operating cash costs( including raw material input at an assumed market price of US$800, FOB Nacala,): US$3200/tonne

The chemical treatment information was provided even further back, on 15 January 2014, in an announcement stating:

"Syrah is able to upgrade its graphite concentrate to a grade of 99.9% C using a simple chemical wash at low temperature (<90 deg C). ... The consumables required for the purification process has been found to be very low due to the composition of the impurities combined with the graphite concentrate being very high grade"

I trust this allays your concerns.

Cheers,

Prime1