It would be interesting to know how much of the “Proven reserve” would still meet the required criteria if they hadn’t of changed the revenue estimation metholodgy. Previously they were using the graphite concentrate basket price, which would provide a bit more comfort just in case the downstream processing benefits never arise.
Wonder why they decided to change metholodgy? Would have been nice to see if there would have been any impact of falling concentrate prices on it being economical to extract as a stand alone operation even though the plan is for a downstream operation at a later date.
Anyway, here is their earlier Reserve statement with the different metholodgy.
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