Ann: Exploration Target confirms high level of graphite endowment, page-6

It's just that no one is buying, but the volume has always been pretty thin. I think the patience has run out and a lot of people see this as a quick announcement to get the SP back up after the last one backfired.

Either the PFS is not going well, which I think is unlikely, or investors are just short on patience and want to see this developed. The last announcement basically said that we are going to be another 6-12 months, as we haven't managed to stick to the timeline that was given last October. And you can see why, it was overly optimistic with a one man band trying to complete native title agreements, reserve upgrades, environmental impact, process design and the feasibility study.

A lot of the small traders probably bought planning to hold until 2nd quarter 2017, when we were supposed to be commencing site construction. For them, the MD's letter was rather painful. For others that want to see this through to production, we just need to wait a bit longer.

I like that the announcement today has a few solid upgrades to the top 4 resources, Emperor, Longtom, Wahoo and Barracuda. This line is key; "This estimate is in addition to tonnes in the current defined Mineral Resources reported to ASX 15th February 2017."

This puts up to another 15m tonnes on top of the 20m already in those first 4 resources, which are most likely to be developed first. For those who are willing to wait, this could be easily over $1 by this time next year.