Hello all

Ive only posted once before and lurk a great deal however with the activity today I felt I should chip in.

Venture stocks are not for the faint of heart nor are they suited to those that cannot think and act independantly. While many have been "shaken" out of their positions in the past three months I can see by the posts here that hasnt happened to this community. -thankfully!-

Summaries/Business Cases

Since I posted my thoughts on the NPV calculations we have all now had this great NR coupled with the Sulphur issue cleanly directly addressed. The fact that CCB has also had a similar NR, with testing conducted at the same facility by both companies,-ill double check that- further provides context to this robust buisness case.

Thanks to Glorieux for sharing the DCF spread sheet as the numbers can be projected extensively. I have moved away considerably from my conservative base -high milling costs $50/T, 90% recovery and 250M cap ex- and now using $43/raw Ton 18 + 23, 90% recovery, 10% discount rate, $8500/T and 175M capex I calculate 2,659B with a IRR of 107%. I dont believe that my revised numbers would be considered agressive at all.

Or put another way... if in two years time a certain company wanted to sell 500,000 cars.. each with over 100kg of graphite in the batteries.

50,000,000 Kg or /907 55,127T of graphite per year.

At synthetic prices of say 17K/T thats 937M/yr in raw materials costs. -again conservative-

How any businesses can look at the current bottom line... and compare the savings with natural graphite and NOT want to jump all over this is beyond me. Thats why Zen keeps touting the 20+ NDAs

A buyout/JV/merger etc valued in the 1-4 B range is not a flight of fancy when compared to the overall costs of supplying more than 50K/T/YR at synthetic prices. You can easily spend that money in 4 years... or just buy Zen and control your supply side costs for 10-20 years. This is just one simplistic business case however it illustrates the point. Superior high purity natural graphite will not have any issues selling into the synthetic market with the performance specs we have been given today by Zen.

Stop Loss:

The activity today in the early afternoon seems, to my eyes, to have been triggered when a number of stop losses were hit in succession. I have never seen level 2 jump around that much for any stock. I would hate to open up my trading platform to learn that I got sold off and got closed today 15-20c higher than my stops. If any of the other community members have some insight I would love to read about it.

thanks to all in the community to invest and post I hope to meet more of you at the AGM this year.

GLTA!

Mongo