Ann: Balama Central Graphite Project Scoping Study, page-14

I've annotated the chart from the BAT investor presentation with additional blocks to show increase in overall production capacity.

Furthermore, there is additional inferred resource of the same size as indicated resource that would either support future doubling of production capacity for Balama or doubling of Life of Mine at Balama.

BAT will be able to adapt to market needs ( extended duration offtakes or larger production capacity offtakes ). It could be that BAT are intending to use Balama for their own spherical graphite production?

Note - my annotations to the BAT production profile of Montepuez to show impact of Balama



We had this statement of ore resources at Balama in an Appendix of today's announcement. I've highlighted the additional inferred resources ( additional drilling would be required to convert the inferred resources to indicated resources ).




Today's scoping study indicates they can easily go to 150ktpa  fairly quickly and this could be potentially increased to 200ktpa.