Graphite Prices, page-26

Fastmarkets Graphite Pricing in comparison with Benchmark Minerals is fairly consistent with some minor variations.

- Great to see 15 micron PSG on the increase currently at US$3,500/t, this would result in 10 micron PSG being in the range of US$4,100- US$4,300/t given the uplift for 10 micron PSG
- As always suspected prices for graphite receiving a premium outside of China (Even after accounting for shipping differences). As the world slowly moves away from having the graphite market controlled by one country (China), we will see pricing in Asia (Japan + Korea), Europe and USA lead to higher overall prices as nations look to diversify and not be completely dependent on 1 trading partner (A key point that the war in Ukraine is highlighting to everyone)

Having a look back at the Pricing assumptions from the 2020 Study, the model forecast for PSG pricing was not expected to reach US$3,500 until 2025, yet it looks like the deficit and associated pricing as a direct result of increasing demand is not waiting for anyone !

Can't wait for the Optimised DFS in Q2 !!!