Potential Upside of WKT - Expandable Graphite, page-1024

Hard times for Syrah. FLAKE Size is King.

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It is well understood that companies producing a high proportion of fine flake graphite (-100 mesh or -150 microns), can expect lower average selling prices, as seen by the realised prices reported by Syrah ResourcesLimited. Despite their use in lithium-ion batteries, Graphex believes that lower prices for fines will continue. This was confirmed during a recent China visit by Graphex, where end users reported a further softening in prices for finer fractions following Syrah’s improved operational performance in Q1 2019.

Graphex remains largely unaffected by the depressed fines market as it has positioned the Chilalo Project to produce predominantly larger flake sizes which command the highest average price.