Hartleys Research Report - 12 month target 5.6c, 2021 for 11c, page-17

Thanks for the feedback. For clarity i’m an independent retail investor. My first holding was bought in 2016. Only hold oppies now.

We are out of the price slump that occurred in 2017 and pricing is holding stable.

On forecasts, supply shortages could start to kick in from 2021. I don’t think we’ll see many graphite projects coming on line in the next 24 months. We’ve seen with BAT how long financing takes for projects in Africa. Others are also taking their time ( e.g. in Tanzania ).



I think BAT has adopted the right approach in pursuing 50kt capacity first and then scale up as demand starts to lift. This keeps their debt burden lower than if they were trying to build a 200kt + pa plant from the outset.