Ann: Quarterly Activities and Cashflow Report March 2017, page-6

Potential is the key word here. In their latest presentation, they are targeting development from their Kookaburra Gully mine in late 2017 to 2018. If successful in going into production, then a 10 fold gain is possible in 12 to 18 months looking at the history of other companies in a similar position. They have a 23 million dollar market cap so 230 million is not unreasonable compared to similar companies in production. This is my opinion please do your own research. TLG which is more advanced already has a market cap of 151 million so you can see where this can go. Points of note from their presentation include:

- High grade flake graphite – a global Top 10 graphite deposit

- Set to be Australia’s premier and only producing graphite mine

- Targetng up to 40,000 tonnes per annum high purity graphite concentrate