Ann: Investor Presentation May 2018, page-18

How about a peer comparison.

Haven't seen one of those for a while.

Still don't think TON will be that much better than us.

As someone pointed out DF is pretty shrewd. Maybe the market is just crap & our timing slightly out.

If we where at this stage now last year, maybe it could have been better with regards to the market.

Good thing is prices are looking better for graphite & hopefully we see some value adding with Urbix/Black dragon.