Best time to invest in Graphite?, page-20

Hi, stage1 6000tpa is a small start up operation, a sort of proof of concept / big pilot plant, there was no need to waste investors money on an expensive feasibility study (2 million$ ?) just for refurbishing a 6000tpa proof of concept operation (it doesent make sense from a return on capital perspective). The 5 Million$ capex for refurbishment was indeed for equipment and the plant (not including adminsitrative costs). Once the proof of concept (stage1) is successful IMO for stage2 expansion to 20.000tpa they will do a detailed feasibility study. Successful stage1 is what investors are awaiting and are excited about because it opens a huge growth potential for the company (stage2 for 20.000tpa expansion and stage3 for expandable graphite downstream processing).

Hope that helped,