Ann: Updated research report, page-8

Hi Guys, just wanting to check those expansion rates, they seem incredible compared to your peers. Now a few years back TON announced expansion rates of 1000 up to 1500 times, but those rates were based on surface area as opposed to volume.

So given the GPX rates seem so far ahead of the field was just wanting to know

1. Is there any chance the rates are surface area not volume. Announcements seem to indicate volume from my reading but is there a chance it's a communication/ translation issue.
2. Has any reason been given why GPX graphite would expand more than 3 times of its peers, given it likely comes from the same graphite belt as some of them.


Anyway, very interested as I believe the expanded graphite market is largely underestimated, though perhaps more emphasis is being given to it these days.

Thanks