Revenue projections, page-4

Opaque as lead in all comparisons with the exception of those suppliers willing to divulge such information to semi control market prices...Customers DO NOT provide pricing information to the market as this would compromise their competitive pricing agreements with current suppliers or potential new suppliers.

Even with production ramp up does not mean near term sales...commercial production will need to be verified if meets prior lab and pilot plant metallurgical and application testing.

Customers who had prior qualifications and once commercial production verifications are complete, will discuss final supply agreements (where applicable and in most cases will agree to a one year trial agreement) will have inventories that will need to be drawn down to make room for new supply inventory and this can take up to 9 months; then slow paced small shipments increasing over time until the pipeline is up to speed...all in all up to a year before reaching projected sales volumes...even then, a customer will NOT give exclusive rights to a single supplier and that would be a risky business decision in today's graphite supply environment.

On a side note, it takes up to 3 years to qualify a new anode graphite product in a specific battery chemistry (format stability, cycling, safety, transportation guideline testing, etc.) and ONLY commercial production will move forward with advanced testing, trials...lab samples are initial indicators of a product not commercial grade production.

Even with a SPG plant built, a supplier will not see any real commercial shipments for up to 4 years with the same inventory and trial testing dynamics as discussed above. This comes from direct experience with many battery manufactures for both primary and secondary battery manufacturers There are no short cuts, or quick solutions around safety guidelines (product & consumer), government regulations, application performance testing for ANY battery for consumer product or auto sales.