Well it depends. Syrah was valued at 630 Million when they just...

Well it depends. Syrah was valued at 630 Million when they just had mine permitting. They technically have 15 x times more graphite than Talga. After off take and funding Syrah valued at 888 Million.

Talga valued at 400 Million today, but we don't have permitting, funding and offtake and we having problem with Natura2000 conservation permitting.

Hugely undervalued?



Syrah Natural Active Anode Material:

• Current Market Cap of 888 Million.
• Completed mine permitting, not capped at 19ktpa, with permitting until 2038. Open pit mine with mine life 50 years.
• Total Mineral Resource of 1,422 Million Tonnes at 10% TGC, Graphite Ore Reserve 108 Million Tonnes at 16% TGC.
• Off take agreement for 8ktpa AAM completed.
• 250 Million Funding for 11ktpa facility completed.
• Operating Cost of Active Anode Material $3,109 per tonne.
• Natural Active Anode average price of $5,471 per tonne.

Talga Natural Active Anode Material:

• Current Market Cap of 400 Million.
• Still require mine permitting capped at 19.5ktpa. Open pit mine with mine life of 24 Years.
• Total Mineral Resource of 55.3 Million Tonnes at 17.5% TGC.
• Still require off take agreement for 19.5ktpa of AAM.
• Still require project funding of $484 Million for 19.5ktpa of AAM. Will require to issue new shares in exchange for capital.
• Operating Cost of Active Anode Material $2,363 per tonne.
• Natural Active Anode average price of $11,250 per tonne.