Point Number 5, page-19

Hi Trommel,

15th November 2017
"Binding Sales Agreements for 40 percent of the planned 3GWh production in New York"

If you struggle with the calculation.
3 GWh x 40% = 1.2 GWh = 1,600t of Graphite needed

Add this to your existing 25,000tpa graphite supply agreement = 26,600t
11% of Nachu's planned production

Please don't confuse the 94GWh of "planned production" with "binding sales."

anyone can claim a massive planned production, it doesn't mean they can secure the sales, gain funding for the project, or approvals required to build these factories.

Nachu's planned production of 240kt is a perfect example.