MorganStanley, FREYR, Adam.Jonas TLG Next !!!, page-73

I am all for being bullish, however, not to the extent of being abusive to all that disagree with different view points.

There has also been negative posts (or in some instances realistic posts).

Facts are:

- We have no permits
- We only have 100ktp sumitted
- This approval takes a long time, so I am not sure how we will ramp up any faster to meet the predicted demands of much higher volumes.

That said:

- We are the only vertically integrated anode supplier in Europe that has got this far down the qualification path with potential customers
- I can't see how we won't be successful, in time

I reckon you have made a great investment decision, just be realistic about timeframes, people seem to think they can make a fortune in 6 months.

I have put a lot of cash into TLG, this was based on the above and with realistic timeframes and expecations of moderate-to-good returns.