Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-71

This whole 'nearology' thematic has been so overused - its pathetic.
Let's do a bit of a deep dive into peer companies in the Graphite sector.
Syrah Resources:
- Balam project has a cut-off grade of 7.2% TGC. They have a large Reserve of 100Mt Ore Reserve @ 16% TGC for 17Mt contained graphite and a resource of 1Bt Mineral Resource @ 10% TGC.
Black Rock Mining (BKT):
Recently awarded SML by the Gov of Tanzania (I know this because I am heavily invested in Peak Rare Earths and they too are awaiting their SML from GoT). Their Mahenge project has a NPV10 of US$1.5bn (A$2.1bn), and with a resource of 213.1M tonnes at 7.8% TGC, makes it the 4th largest graphite resource in the world. It also has Ore Reserves of 70.5m tonnes at 8.5%TGC. The Ore Reserves support a mine life of up to 340k tonnes of graphite p.a. for a reserve life of 16 years.

Lets compare this with OAR, which incidentally already had a maiden JORC MRE of 13.47Mt @ 3.3% TGC, which, wait for it....was announced in 2015!!

The question that begs to be asked is - what on earth were they doing for the past 7 years? This proves my point conclusively (and I'm sure others have said it as well) that they chase the hottest thing at that point in time to see if they can make some dollarydoos.

Who suffers? - the poor novice investors - not some person who has 70 years experience (his words not mine) on 'investing' (if you can call it that) in highly speculative junior explorers - not even junior miners, but explorers.

If you want explorers, I can give you a far better list of more efficiently managed projects, who are cash rich, have minimum cash burn, have highly focused management and are ACTUALLY KICKING GOALS.