Ann: Presentation to the Australian Graphite Conference, page-5

Very strongly commercially oriented preso. Corrected Camcam on remoteness. Quality consistently reiterated and we all know grade is perfect at 4-6%. I'm looking for a margin of $2k per ton here which makes this staggeringly profitable with short payback. If JV'd I want 2.4mt pa and spheronisation upside to sit with HXG and not JV miner. JV mining could speed up development but needs to be opened to tender effectively to get the best deal.
If this stays down here for much longer its a takeover target.