Off take agreements will not be happening unless we don’t have an adequate buyout of the company and is apparent that we will be taking this to the mining stage. AE will not be signing any off take agreements because that will restrict him when negotiating any type of sale. When at PDAC we asked AE in front of Simone Moores, if someone hypothetically came along & asks to sign an off take agreement for say 8K tones for $8k would he sign & he affirmatively said NO.

Now if we examine the delay in PEA to fourth quarter as per M&A this is a strategic move by AE.The major part of the delay is that AE got word that Cliffs were planning on liquidating ZEN shares to make CLF more liquid & out of non core assets.Think about this!!!AE has one of the biggest & most lucrative finds in Canadian History.Do you really think it was a good time to start releasing news into a 5 million share sells order?The PEA could have been released with a $7500 price per ton & the existing 1.4M ton proven or why not hold off for 4-5 months & tweak the results to obtain a higher value while Cliffs is liquidating.I have talked to Sandra on numerous occasions & she indicated to me that they are working on tweaking graphite samples for only 2 or 3 major companies.So I think LTG is correct in saying that not all NDA’s are large companies, we will have 2-3 major companies & the remainder may be small companies interested in off take agreements, which will be addressed later if buyout price isn’t adequate.I think when it comes down to it AE wants a bidding war, the other NDA’s say the smaller companies wanting off take agreements will be part of the package to the big buyer to show that the graphite is saleable at 100k tons per year.

There will not be any substantial NR until Cliffs have liquidated which will be sooner than later IMHO.There is things sitting in the wings that won’t be released until Cliffs are out, which will be well received by the markets.I have talked to AE in person a few times & he is very focused on the end results & shareholder value.Everyone at ZEN has been advised not to read any BB and he cares less of all the conspiracies that are brought up on the boards.IMO AE realizes that every time he releases news it is picked apart, so his feeling is hold off until everything is proven with no possibility of anyone misunderstanding the results.

I think Cliffs will be out shortly and the NR will begin to flood the markets.I am more confident that this will be one of the most historic finds in Canadian history the NRC realizes it, Dr Chahar realizes it & Dr Connely realizes it.

GLTA

Dude