Re-Rate well over due, page-204

Empty Nose, the graphite seems to have a lot of buying pressure in that other stock Oscar and I mentioned at the moment so I just might top again here on comparative value given tests on quality are being done in Germany. Each company is different depending on future OPEX and that boils down to infrastructure and access to the deposit. I don't think we are that far down the track yet to get full detail, but the risk reward values look good with the sector lighting up now.

With regard to gold, India and Australia have been buying to add to reserves which is a complete turnaround in recent times. China of course will announce at the Winter Olympics its digital currency backed by gold 2022. Of course full compliance by London bullion banks by end of January 2022 for BIS settlement on a 1:1 ratio of gold to claims. At last we are getting certainty in the direction gold is headed. Its status will be much more than a store of value, but as a medium of exchange, standard of deferred payment. Digital gold means its divisible. Hence it will qualify at every level next year as a function of money given regulatory security.

CRL is substantially undervalue IMO.