Based on the following:

We have completed a conceptual production scenario to provide value upside parameters for

BBR. The basis for the scenario is a minimum 10 year LOM from a 110,000t resource (200m

strike x 250m depth x 1m width) and low capital expenditure for a ROM production of

approximately 10,000tpa at +90% C prior to further processing to coated spherical graphite

and/or graphene. Our preliminary analysis as shown below provides for a potential NPV of

$259m

Strictly using the RE size ratio, ZEN's NPV would be $3.3B...Tons of other factors make this number pretty much irrelevant but thought it was still fun to put it out there.

Glorieux