Ann: Placement Raises $3 Million, page-71

anybody can produce 99.9% purity. The real question is who can do it the cheapest and the most environmentally friendly.

Magnis gets to 99.6% using a basic float; without thermal or chemical treatment. That means the costs are stupidly low. to get from there to 99.9% will depend on the specifications of the end user. graphite is not a homogeneous product. End users will have their specific requirements that we will meet.

Another key issue is location. Look at the geographical and weather conditions of the various explorer's tenements. You have companies like KNL that are in the middle of nowhere in a monsoon region. Extremely difficult to access and that will drive up costs. Plus it won't be able to mine there half the year, the mine will be essentially flooded. MNS is in a much better location.

Many of the other explorers are just too early days to know if they will make it.

SYR is a dog because their marginal costs are just not low enough to compete. Only positive they have is insto support.

Canadian mines look promising but they will be frozen over and hard to access.