Be honest now!, page-19

I don't expect huge gains with the 19ktpa permitting being granted.
Main thing it will do is ensure the company value does not go to zero.

Nouveau Monde Graphite 550 Million market cap with permitting and have funding.

Syrah Resources is not a model its a real life example with the same catalyst we will need Permitting, Off take agreement and Funding.
Before off take agreement and funding Syrah Resources was 633 Million market cap with existing mine and with permitting granted. They will provide 11.25ktpa of natural active anode material to Tesla.
Syrah Resources have now secured permitting, off take agreement and funding. Valued today at 730 Million for 11.25ktpa Active Anode Material.

Talga will provide 19ktpa IF!!! we get permitting.

• 19ktpa permitting granted expecting 684 Million market cap with Share price of $2.25 with 304 Million Shares outstanding.
• Off take agreement for 19ktpa expecting 1.2 Billion market cap with Share Price of $4 with 304 Million Shares outstanding.
• Funding at 12.5% discounted SP. Issue 67 Million new shares at $3.50 to raise 235 million.
• $3.50 x 371 Million Shares outstanding = 1.3 Billion Market cap at Share Price of $3.50.

In 2023 we are expecting the permitting approval of the 84ktpa Active Anode Material. This is where will see the big SP increase. But its still very much up in the air if Sweden will approve his underground mine so close to protected rivers and lake under the Natura2000 permitting.

At this stage we don't even know what the status is of the 19ktpa open pit mine approval. Still waiting on the Natura2000 permitting.

So I agree way more risk now, than after the approval of the first mine.