Forecast graphite pricing

• Premium pricing structure for high purity flake for battery and electronic applications
• Premium pricing for Sri Lankan vein graphite ~4,000 tpa

Natural Graphite – Indicative Pricing

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Graphite Product	Purity (%)	Mesh Size	Flake Size	Current Price (US$/t)	Forecast 2020 Price (US$/t)
1	Jumbo Flake	96‐98%	+48	>300μm	$2,300	$6,175
2	Large Flake	94‐97%	+80‐48	177 ‐ 300μm	$1,300	$1,165
3	Medium Flake	94‐97%	+100‐80	148 ‐ 177μm	$950	$517
4	Small Flake	94‐97%	+200‐100	74 ‐ 148μm	$750	$493
5	Fine Flake & amorphous	80‐85%	‐200	<74μm	$550	$359$2,300
6	Vein	+98%	N/A		$2,300 $6,175
7	Synthetic	99.95%			$7,000 ‐ $20,000

Source Graphite Commodity Outlook Mark Gordon