BKT research / Graphite sector research, page-569

Thanks for posting this. Some additional items of interest from the presentation.

"POSCO is in the process of converting terms sheets to full form offtake agreements and we should see some news on this shortly"

He also made a comment about the 4-5 year qualification process that they have gone through with POSCO. POSCO would have invested significant resources into the relationship with BKT.

"We are also running a partner process.... Because of the big differential between our market cap and our NPV of the project, we are potentially looking at would it make sense to bring in a project partner at the project level if that partner was willing to pay a material premium. So we are running a process there and Macquarie has been mandated and there is a lot interest".

"Because we have got the hydro that we are using for our power, synthetic graphite will be something like 9-10 times the carbon footprint of our graphite"