FUTURE POTENTIAL V4, page-146

Thanks Possum. It's definitely a case of underinvestment in the graphite and downstream anode production, simply because EV makers and battery makers have all been content to use Chinese graphite and battery anodes. China has been flooding the market with cheap product, which discourages others to invest in the supply chain. And because of this underinvestment in the real market, this has also translated to the graphite companies on the stock market. However all commodities go through cycles and it appears as though graphite is about to pick itself up off the floor, due to the incoming government tariffs, policies and investment / grant funding from both USA and Europe.

Hopefully, with the next round of US dollars about to be released for investment into graphite anode production, that translates to money flow into all graphite juniors aspiring to be producers, and of course Volt. Having the ability to produce graphite from Zavalievsky is an advantage. This would be much more apparent if there wasn't a war in Ukraine which is impacting ZG's ability to operate and trade as freely as it would under normal circumstances.

In Tanzania we're seeing a more active government aligning with the USA, S Korea and the West as an up and coming investment jurisdiction which wants to be at the forefront of supplying it's critical minerals to Western countries. Enter Bunyu project with it's 22.6 million tonnes of contained graphite.

Whilst it feels very counter intuitive, some of the best returns on investment have been made when a company valuations have been on the floor and they seemed down and out. I recently averaged down in one of my investments and have seen it rerate by 900% from April to June. It felt like I might have been throwing good money after bad when I took the position but it really has come good. The funny thing is, it's an exploration company which has yet to prove out an asset and yet is trading at the same market cap as Volt is today, yet has 2 large scale graphite assets, an an operational mine, paying customers, and patented technology to produce battery grade anode.

With a bit of luck, maybe we can see some of the same here.

GL