Ann: Increase in Montepuez Graphite Reserve, page-23

As a heads up, BAT will have about AUD $35M to AUD $40M of consolidated losses by the end of this calendar year. Could easily add another $7.5M for calendar year 2019 ( similar to 2018 ).

To me, that means no tax to be paid in the first year and significantly reduced and perhaps no tax in year 2.

Will help put them in a better position for financing Montepuez Stage 2 without passing around the hat to shareholders ... ?