Presentation-2nd International Minerals Conference, page-9

Cartex, Chris Darby identified Chris Whiteley to me at the Feb GM in response to a mktg Q I put to him re the opaque nature of the market. Given his 7 yrs as GM Global S&M at Timcal I thought the following comment added perspective:

"Benoit Gascon effectively revolutionized the graphite business in the 1990s when China was flooding global markets and undercutting Western Projects. He formed Timcal Graphite and Carbon through which he sold graphite by approaching end users and worked towards creating specific products to meet their needs."

"graphite end users have potentially hundreds of unique product needs that could not possibly reflect any graphite mine's run-of-mill product. So the strategy that ........... Benoit and his sales team will negotiate short-term sales contracts with several end-users, and by doing so the company hopes to be able to sell 50ktpa and realize prices above "market" prices"

Not difficult to surmise Whiteley has had a significant influence on business plan development at VXL. Berlin presentation could be quite interesting from that perspective.