extract from Benchmark Minerals...

extract from Benchmark Minerals ........http://benchmarkminerals.com/downlo...batterysurge-BenchmarkMineralIntelligence.pdf

Graphite trends to watch…

• 5 year growth trajectory: 13-16% a year

• Natural graphite anodes to increase market share over synthetic
• Supply issue, improving quality, lower cost
• Synthetic will operate in a high quality niche
• CO2 footprint becoming a consideration

• Coated Spherical Graphite to become cheaper
• From $12-16/kg today to sub $8/kg

• Silicon to not be a major substitution factor medium term
• 3-6% additive to improve capacity G