KNL and ThyssenKrupp, page-199

Forgot to throw this is for you...we were discussing graphite / graphene mkt on the STT over the weekend and I found this report in researching the topic. Is a little dated (Aug last yr) however, thought there were some pertinent analysis in it anyway (obviously they couldn't foresee events like T*N) so thought some of you may find an interesting read.

Couple of snips and the link below:

http://www.csaglobal.com/wp-content/uploads/2015/07/Pg-50-55-Graphite-success-08_15_proof_5.pdf

Six key factors

A quantitative matrix of six key factors in ranking graphite plays in the current market
includes: i) deposit size, contained graphite and enterprise value; ii) location (country
risk) and logistics; iii) flake size distribution; iv) product purity; v) offtake agreements;
and vi) timeframe to production (see Tables 2 and 3).

Each factor receives a maximum score of 10 points, with equal weighting given to
each compiled factor. This results in a maximum score of 60 for each listed stock
under consideration. Earlier stage explorers may be detrimentally impacted by some of
the quantitative factors, however this partially compensates for the increased risk
associated with their stage of development and illustrates the dynamics of the graphite
space.

The project rankings could be impacted in a number of ways, including changes in
political landscapes, fluctating graphite prices and exchange rates, or shortage of funding
for exploration and development. In addition, an economic deposit (ore reserve)
may or may not be delineated, especially when deposit dimensions, product flake size
and purity, processing characteristics and logisitcs are taken into account.

Furthermore, lab or pilot process test methods may not scale up to meet
anticipated yields, flake size distribution or product purity.

Management of a company may impact significantly on the economic success of a
project. Some of the companies mentioned in this report have attracted key executives
with hands-on experience of graphite mining, production and marketing, which
could increase their chance of success.

The three highest ranked ASX-listed graphite projects based on the updated
Table 2: ASX-listed flake graphite projects ranked in June 2015 (listed alphabetically)
quantitative analysis are, in alphabetic order, Kibaran Resources Ltd, Triton Minerals Ltd
and Valence Industries Ltd, as illustrated in Table 2.