Coarse flake graphite pricing remains strong.

Following Syrah Resources recent announcement of a production downgrade and its related commentary on the state of the graphite market, Bridge Street Capital and Patersons Securities have released new research notes:

• Bridge Street Capital - SYR/Balama fails, proving a large volume fine flake graphite strategy is flawed. Coarse flake graphite pricing remains strong.

• Patersons Securities - Market read-through from Syrah update

Response from Managing Director Phil Hoskins:

"The Bridge Street and Patersons research notes provide two differing, some would argue divergent views on the state of the natural graphite market. While we strongly disagree with the underlying assumption made by the Patersons note as it pertains to pricing for large flake (expandable) graphite, we nonetheless provide both pieces of research without fear or favour.

Graphex was the first ASX-listed company to identify and articulate the compelling opportunity for potential graphite producers in the Chinese expandable graphite market, we remain committed and unwavering in the pursuit of the strategy we identified a long time ago.