Further analysis of this presentation....

Further analysis of this presentation.

https://www.asx.com.au/asxpdf/20190201/pdf/44295jvbknqwwb.pdf

1. Montepuez Stage 2 start has been pushed back a year in the overall timeline ( originally year 2 for Montepuez Stage 2 and now pushed to year 3). See my annotation below.
   • Montepuez Project stage 1 project has a payback period of < 2 years
   • Would think that this will put BAT in a much stronger position for securing finance for both Stage 2 of Montepuez and the Balama project.
2. They will be growing the production in 2022 as the forecast demand rate is starting to increase

From a project risk perspective I think the delay is sensible, particularly if graphite prices (and underlying demand) at the moment are not yet strong enough to justify a faster ramp-up.