Ann: Jeremy Sinclair appointed MD as part of Board changes, page-21

Looking at it on a current fundamentals basis ...

Mason Graphite (Canada) are in construction phase now for a similar production capacity ( 52kt for Mason Graphite versus 50 kt for BAT ).

Mason Graphite are currently MCAP AUD $57M ( MCAP converted from the CAD source currency ). So reasonable for BAT to move from current AUD $33M MCAP to AUD $50M to AUD $60M ballpark once financed and construction restarts. I source peer MCAP data from Yahoo Finance.

SYR and BSM are in production. Average value of each kilotonne of production output for these two peers is AUD $4.7M of MCAP per kilotonne of production.

On this basis BAT should move to about AUD $235M once in full production ( 7 bags undiluted in 2021 timeframe ). Perhaps 3.5 to 5 bags once dilution from an equity raise is considered.



From Montepuez Project figures, indicative contribution of each 1 kt of production is USD $0.6M of EBITDA. With all production stages at Montepuez and Balama online we should grow to EBITDA USD $129M+.

I can also estimate anticipated MCAP with all production stages online ( result is MCAP AUD $1.01B + ).




These estimates are with graphite sentiment at a low base. Once the graphite demand story starts to play out in the next few years there is strong potential for sentiment-driven rerate.