Could not find the link but found this post that I wrote after that report came out. Their $10 NAV was based on only finding 13M tons of ore...so double all the numbers from my previous post LMFAO!!!

Just a few thoughts on the Roth report...

I know we have discussed that the NAV model was not the proper way to assess the company at this juncture but it is how Roth has based their valuation.

Their NAV is $9.92. This is based on the following assumptions:

13M tons of Ore
5% grade
90% recovery
26k tons of finished product per year
$1500 cost of production
$8000 average sales price per ton
12% WACC
$30M equity financing for PEA and FS
$170M for Capex
Production to start in 4 years.

Roth has admitted that their assumptions are conservative and I would agree. I think it is important going forward that we remember these assumptions and how they evolve. I think we will see good improvements in the following categories which will have a material impact on the NAV:

Resource estimate: 13M tons
Graphite production per year: 26k tons
Cost of production: $1500 per ton
Average sale price per ton: $8000

I think all these figures are too conservative and as we demonstrate what the real values are, our NAV can only go up!

Roth has put a 2.75% royalty here, I assume that is to Cliff's. This is not a big deal but had not really noticed that before and thought it was worth mentioning.