Potential Upside of WKT - Expandable Graphite, page-154

You would need to break down their 52K Tons of concentrate into the fractions according to the deposits flake size distribution and assign prices to each fraction to come up with a basket price.

They had a very large percentage of super fine and small flake if I recall.

Their 52K Tons very unlikely to equal WKT 52K Tons in price and free cash margins as they are low priced battery grade dominated and WKT is dominated by premium $$$ expandable graphite. Grape V Watermelon.

With regards to WKT Capex I take greater comfort in is the FACT that the DFS was very recently updated this year and released 9 WEEKS AGO. 07/03/2019.

These numbers are not outdated, they are fresh and more accurate IMO and have been put together from tenders and updated quotes from suppliers and contractors and been fed directly into the DFS and Capex Costs.

Just another layer of comfort IMO that the costings are very fresh in commercial terms.