graphite "in a nutshell", page-9

AXE - Roughie Review of the company

Location: 900km2 in South Australia they have two main 100% owned deposits

• Campoona – high grade deposit. (Med/high size Flake)
• Sugarloaf – very large, high grade dominantly (amorphous deposit)
• 100% interest several other potential graphite projects

Historic wide spaced EM has defined over 40km of strike of high EM response thought to be
attributable to graphite that remains un-drilled


Jorc:
• Maiden Jorc 1st half 2013

Target:
• Sugarloaf: 40-70mt @ 10-12% C (Amorphous)
• Campoona: none defined (med/high size flake)


Summary of better Graphite Hits

Drill hits at Compoona (generally 15-40m thick
• 21m @ 15.0% C from 46m
• 48m @ 12.5% C from 24m (incl 20m @ 16.5%C)
• 67m @ 10.1% C from 0m (incl 25m @ 13.2%C)

Drill hits at Sugarloaf
• 43m @ 10% C from 60m
• 10m @ 13% C from 28m
• 13m @ 15% C from 90m

Likely Strike Length / Depth of Deposit
• Campoona Appears to be 20 - 70m Depth (open at depth) So could be mined open cut
• Sugarloaf drills also appear to be shallow and amenable to Opencut. Geophys Em suggests 4km in length and 40m thick

Infrastructure
Good

Financials(last qtrly):
Cash: $4m Approx (Plus $8m from Land sale to BHP)
Mcap: $22.5(Undiluted)
Enterprise Value: $10.5