Just wanted to add regarding growth projections.We know we have...

Just wanted to add regarding growth projections.

We know we have approx 110k with DFS, plus Niska. UK is at 200k. Roughly 3.6Bn USD in revenue identifiable against customers. Conservatively estimated revenues. Obviously there is much more expansion and revenue aside.

So USD 3.6Bn at 80% margin. Would command lets say an extremely Conservative 5x revenue being $18Bn .

As you know I'm extremely bullish on this horse as its a one horse race in Europe and it does have world class product performance and world class reserves and world class partners.

No matter ones entry point we were buying a business at approximately $350m MC which I still believe can command a valuation of $10bn at least. But let's just say we get the $3bn that Sila achieved a few weeks ago.

This offers asymmetric upside AND a good margin for error in our buy MC v Valuation


I happen to believe MT when he compares the Swedish iron ore scale of operations with his intentions for TLG. That's as much as 4m tones of anode by say 2030. I will not bore you with what that means.

Year 1 of a 30 year megatrend, Mick Davis of Xstrata does his first deal in Graphite, Robert Friedland says its a "Mining Megastorm" not a super cycle. MT is talking to approx 40 people who want his anodes and he is a actually the ONLY shop in Europe. NMG just announced they will produce 1500 tonnes of spherical graphite and the share price jumps, our pilot plant could be 5000 tones (MT at the AGM)

Plenty of upside. MT has been very slow to annouce by his own admission. So the stock has suffered , it must follow that its also undervalued relative to those who deploy a marketing machine.

As always I could be completely wrong.