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Nov 21 4:00 PM EST

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To: GMPInvestor who wrote (1301)	6/21/2015 11:48:27 AM
From: NuclearCrystals	Read Replies (1) of 22811

GMP, will those margins grow or decrease once you factor in the required post NAOH purification additional treatments? Keep this in mind, Hains made it clear that you could purify before or after shaping and coating,thus the argument that the Albany graphite was already of the purity required to enter the LIB space with the caustic bake treatment falls flat. Fortunately or unfortunately, that is not a divergence from what Hains had already made very clear. The issue you have is that there was still the necessity to shape and coat the Albany graphite and accordingly there is a significant cost to that treatment, never mind the recovery losses incurred during that process representing another blow to the economic metrics.

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