Ann: Updated Corporate Presentation and MD Interview, page-5

Beautiful and concise update... MRL are to fund and complete the feasibility and all Stage 1 development costs to commercial production – based on a production scenario of 100,000tpa of graphite concentrate.

They are targeting an average sale price of $2,120 per tonne initially, but it will vary greatly based on quality (60% at $3,000 and 40% at $800). This will probably get even better with improved downstream processing. Opex of $800 per tonne.

With 100ktpa it's US$212 million in revenue on US$80 million opex per annum. 49% of that being US$64.68 million per annum. That's more than the current market cap.