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Hydrothermal Graphite Deposit Ammenable for Commercial Graphene Applications

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Message: the PEA - time to call a spade, a spade...

We must bear in mind this is a PEA and this report is really to determine if the project is suitable to go forward to PFS or not. As an average the industry reckons a PEA is +/- 50% accurate a PFS +/-30% and a FS +/-10-15%. Most people, Roth included, were surprised with the conservative nature of the PEA so if we factor in a +50% margin for error on top of their conservatism, the numbers will look very different.

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