Spare Capacity, page-181

Morning Croc.

it's good to see you weren't able to address using the main issues with your post.

There is nothing like using outdated pricing on the cost per tonne of graphite mined, With high inflation, the price of oil and WKT trying to comply with ESG, it's unlikely the price of US$3.14 per tonne will be even close to reality when other companies are moving 50% less material at a cost more than you have claimed, the other company doesn't have the same variability with its ore body and does not require a selective mining plan. When you consider they are using automated mining equipment which is lower mining costs, I would really hate to see what WKT's true mining costs are going to be,

This is WKT's likely mining cost using a peer ROM cost per tonne of concentrate. at $7 per tonne WKT's mining costs will be

US$7.00 x (4.4+1) = $37.8 per ton Rom/17.9% = $211.00 per tonne of concentrate

If WKT's mining cost per tonne was only US$95 per tonne (as you claimed) WKT wouldn't have spent the time and money to update the first 3 years of mining to reduce the material required to be mined - i.e to cut costs.

BTW, I thought WKT had a strip ratio of up to 6 to 1 in the early years. the 4.4 waste to 1 ore is the average strip ratio over the 24-year mine life.