DRA,

Very thorough and well-thoughout "speculation". Quite enjoyable!

I would add one speculation to your top of the list candidate, miners.

Take Panasonic/Tesla as an example (just as an example for discussion purposes). If they like what they see and Albany graphite quality of the graphite would be suitable for their goal in term of a stable supply of high purity graphite for their battery production for the next 10 years, then they would go for it. They are big companies and have the resource and connections to determine if Albany graphite is good for their applications with the samples (standard size, or larger if required) provided by ZEN.

I see three potential options.

1. Buy up the entire company, move their people in and develop the Albany project as part of their (international) holdings. ZEN would disappear and we would end up having the cash or the shares of the new company, assuming that it is at an acceptable TO price; or

2. Buy the entire ZEN and make it a private 100% subsidiary, with some changes at the top. AE is not a miner and he has no desire to become one, so he would be happy to vacate his seat and walk away to the bank to park his money and contemplate his next venture. Even at 10/s his fortune would not be that bad...a cool $50M. Albany deposit would be mined, milled and processed producing the god stuff for Panasonic/Tesla.

3. Be a strategic partner (say a 51% control) providing the bulk of the financing, including debt and equity, and take all or part of the graphite output as payments. ZEN the miner would prosper if the profit can be shown to be excellent for it to retire the debt in a short period of time. Once the debt is paid off the suiter can begin cash/share payment for the products. Keeping ZEN as a public Canadian company may have some advantage including the ability to raise money from the market. This could be one way to derisk an investment for the suiter.

Just a few suggestions. Hope that Panasonic/Tesla are reading the BBs. Ho, ho, ho...

goldhunter