Ann: Revised Lac Rainy Exploration Update, page-68

Focus Graphite Feasibility study was published in 2014 and they commenced financing in 2015. Clearly on the go slow. Perhaps they badly managed permitting . That's not obvious from a quick look, so just speculating on that point.

The graphite price was in the doldrums in 2017 and I don't think that would have helped them with financing. They have a very high capital intensity and a payback period of 3+ years. CAD $166M CAPEX for a 44 ktpa project seems high.



Versus the price chart in their feasibility study (chart below): - if pricing did get down to USD $750 per tonne then after-tax margins would have been significantly eroded.

In 2015 they were essentially seeking finance just as graphite pricing continued falling off a cliff.