Volt graphite min 36000 tpa to max 51000 tpa for Stage1 (indicative commitments) -Proactive investors, page-124

I believe the Tanzanian Law changes has created a 'void' in the planning program and proceeding with our pfs and BOA's, as it has with a number of Co's. I feel this capital raising will get pfs stage1 done in Q4 giving VRC the numbers to move Agreements into BOA's and secure project finance to start building the plant early 2018 as planned. PFS and BOA's Anns should improve SP significantly and secure option conversion to provide working capital through to production. VRC has stage1 output 'sold' with only about $30 mill needed to get that mine to production. Being well under a $100 mill project may also negate some of the proposed Law changes that appear to be impacting a neighbouring project. Expandable graphite requires less processing than battery anode material and appears to be where the market has opened up to with building regulations around the world reacting a number of global catastrophes recently. Significantly, one of VRC's larger stage1 Agreements is with the biggest Chinese building Co using graphite building products. With demand and prices for graphite on the rise globally as mines are being closed around China, l believe VRC are still very much on track to production next year.