We got a fantastic RE, almost a pre PEA type document as Wittle takes many PEA criterias and puts them in the calculations. For Wittle to show that we could open pit mine this down to 600m with the huge pit design this would require screams how economical this is.

The sell off was due to traders on the Trading Chief site and has created a buying opportunity only in my opinion. Friend of mine had a chat with Aubrey today, this was his report:

Just had a nice chat with AE... He's very confident in what he described as an "extremely economic" resource that is being very well received by the people and groups who matter. It has surpassed his expectations as he was expecting around 1M tonnes.

The Whittle resource is a lot more credible than a regular straight drill data resource, which is why they chose to do it that way. He said there is no point in publishing a non-Whittle resource, because it has a lower credibility with funds/instos, and they are very impressed with what ZEN has published.

He also mentioned that the preliminary pit shell is just that. It is in by no way an optimized final pit design and he effectively cautioned against anyone drawing any conclusions about projects economics from it.

He found the issue of the distance between the pipes as being a rather absurd given the extremely robust economics and said all the graphite material will come out at huge profit - distance between the pipes is a moot issue and said anyone who says otherwise "does not have clue what they are talking about" and they also do not understand what a Whittle modeled resource is.

He seemed rather frustrated/annoyed that anyone would be making an issue of this, but stated that the pipes are about 150m apart at surface and move at further apart at depth. The distance apart mentioned in the NR also does not factor-in the overprint material. This is why the NR says 250m apart (because they are further apart at depth and because there is no overprint material factored-in).

Bottom-line is the resource (in his mind and in mine) was nothing but excellent news that did not warrant any sell-off. However, he said he will be happy to have the company's shares in more sophisticated hands and steps are underway to help that along... Like I said the resource is being very well-received by the people/groups that matter.

I have more shares now than I have ever had and have not plans on selling. Would buy more if I could!

@glorieux19