Ann: September Quarterly Activities and Cashflow Report, page-8

• Fines (mesh size -100) price range achieved US$375-US$700/t, current fines price achieved by Syrah continues to be influenced by China’s domestic market fundamentals (domestic supply and demand balance relative to the international balance at any given point in time), as well as inland logistic costs and VAT.

• Coarse flake (mesh sizes +50, +80, +100) price range achieved US$550/t – US$1,700/t with current prices for coarse material reflected in both the China domestic and international markets.