Ann: Quarterly Activities Report, page-17

Hi, I think you are confusing me with someone else, maybe completely confusing Bass with other ASX graphite companies, I am not in the business of "ramping up the figures", but rather in the business of "fair value" market caps : buy undervalued companies and sell them when they become overvalued.

The market cap of Bass is sub 20M$, look at the market cap of any other graphtie company on ASX, study what they realistically have to offer, what are their timeelines, and what are their chances of success, and you will understand why Bass is extremely undervalued.

As for 5x price/earnings as fair value : no comment...suffice to say that this is not how we calculate future fair value of companies, i suggest you take a look at some educative stuff on this matter....

regarding their costs (production, staff, administrative), it is all there in the quarterly cash flow (1.5M$)....they even included a section of projected production/staff/administrative costs for the next quarter (850.000$). However we should keep in mind that it is difficult to get an accurate picture about their costs of production due to the refurbishment / idleness of the mine phase. Once refurbishment complete, and they are in full production, costs per tonne will go substantially down. They have 140 staff in graphmada, and these guys are getting paid whether Bass produces 3000tpa, 6000tpa or 10.000tpa (350.000$ per quarter)....in other words, producing more dosent increase that much their costs (probably mainly energy costs), the more they produce, the higher their profits.