Agree with some of your comments but don't agree that all comments on this BB is based on baseless opinions and speculation. Some are and some not. When it comes to the size of resource, tonnage, etc, we have a 43-101. We know from the last NR that SGS are simplifying the process to reduce processing cost and improve the purity level for different end users. We know zenyatta is developing the largest and most unique hydrothermal graphite deposit on the planet.

We don't know what the PEA will bring. We don't know when there will be a buyout. We know why it is delayed.

What we do know

Zenyatta and SGS are still optimizing the metallurgical process, improving it along the way, Zenyatta is determined to achieve the best possible process in order to address customer expectations and as wide a variety of application as possible. While this approach is time consuming, it will ultimately make Zenyatta more competitive because the process will be cheaper and fully ‘tailored’ to work with the unique Albany hydrothermal deposit. Some highlights from the recently completed bench testing are clear:

• Higher grade flotation concentrate of up to 92.5% graphitic carbon (‘Cg’) produced – compared to the previous 78.3% Cg concentrate.
• Optimization of sodium hydroxide, reducing costs related to introduction of re-cycling engineering & equipment.

The flow sheet optimization is expected to continue until commercial applicability and which final purity requirements will be needed to achieve cost effectiveness and customer demands. Some of those demands are that the process be environmentally responsible in view of the ‘clean-tech’ character of so many of Zenyatta’s anxious customers; moreover, the details of the final flow sheet and related associated engineering data will inform the Preliminary Economic Assessment (PEA) – the PEA is almost ready according to Zenyatta.

What we do know

Aubrey Eveleigh, President & CEO at Zenyatta commented, “Process optimization (cost cutting, simplifying equipment, eliminating caustic re-cycling) was a success. The SGS test work has resulted in a ‘thinking outside the box’ robust process. While SGS has made significant progress on the metallurgical work, designing an innovative new process takes time and the timelines for completion are difficult to forecast accurately. Our priority is on defining the best possible process and meeting customer expectations on product quality for a broad range of applications with demanding specifications. The engineering work completed to date has been much more detailed than is normal for a project at the preliminary economic assessment (PEA) stage. We believe that Zenyatta is a leader in developing a new cost-effective process for the production of ultra-high purity natural graphite. Further purification test work is underway to produce a potential range of purities that are required by end-users. This is based on discussions with interested end users related to strict specifications under signed confidentiality agreements. The Company plan is to develop an environmentally benign process for a high purity (benign) deposit. Given the feedback from potential strategic partners in the CleanTech sector, this is a critical consideration. Once ready, the complete process flow sheet and associated engineering data will then be fed into the PEA which is now underway by RPA Inc. The PEA economic evaluation is substantially complete except for the final inputs from the purification test work.

And this gives me comfort. The fact that since Aug 11th insiders have been buying above the current share price. No insider selling

	As of 11:59pm ET December 21st, 2014
Filing Date	Transaction Date	Insider Name	Ownership Type	Securities	Nature of transaction	# or value acquired or disposed of	Price
Oct 16/14	Oct 16/14	Chahar, Bharat Singh	Direct Ownership	Common Shares	10 - Acquisition in the public market	2,000	$1.55 USD
Sep 11/14	Sep 10/14	Chahar, Bharat Singh	Direct Ownership	Common Shares	10 - Acquisition in the public market	2,000	$1.80 USD
Sep 3/14	Sep 3/14	Davey, Brian Rocket	Direct Ownership	Common Shares	10 - Acquisition in the public market	1,000	$1.73
Sep 2/14	Sep 2/14	Davey, Brian Rocket	Direct Ownership	Common Shares	10 - Acquisition in the public market	100	$1.52
Sep 2/14	Sep 2/14	Davey, Brian Rocket	Direct Ownership	Common Shares	10 - Acquisition in the public market	3,900	$1.53
Sep 8/14	Aug 11/14	Chahar, Bharat Singh	Direct Ownership	Options	50 - Grant of options	100,000	$2.11
Sep 8/14	Aug 11/14	Wood, Peter	Direct Ownership	Options	50 - Grant of options	100,000	$2.11
Aug 13/14	Aug 11/14	Stowe, Kenneth George	Direct Ownership	Options	00 - Opening Balance-Initial SEDI Report	250,000
Aug 11/14	Aug 8/14	Chahar, Bharat Singh	Direct Ownership	Common Shares	10 - Acquisition in the public market	2,000	$1.75 USD