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TALGA GROUP LTD — Investor Presentation 2016
Dec 5, 2016
65925_rns_2016-12-05_ed7f01eb-55e5-4197-a952-8d1bb98cefd6.pdf
Investor Presentation
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6 December 2016
ASX:TLG
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Talga Resources Ltd
ABN 32 138 405 419
1st Floor, 2 Richardson St, West Perth, WA 6005 T: +61 8 9481 6667 F: +61 8 9322 1935 www.talgaresources.com
Corporate Information
ASX Code TLG, TLGOA Shares on issue 181.9m Options (listed) 44.9m Options (unlisted) 34.7m
Talga Presentation at ASX CEO Sessions
Advanced materials company, Talga Resources Ltd (“Talga” or “the Company”)(ASX: TLG) is pleased to provide a copy of the presentation delivered today, 6 December, by Managing Director Mark Thompson at the ASX CEO Sessions in Sydney, New South Wales.
The presentation is available on the Company’s website via the link below:
http://www.talgaresources.com/irm/content/presentations.aspx? RID=301
For further information, visit www.talgaresources.com or contact:
Company Directors Keith Coughlan Non-Executive Chairman
Mark Thompson Jeremy McManus Managing Director Commercial Manager Talga Resources Ltd Talga Resources Ltd T: + 61 (08) 9481 6667 T: + 61 (08) 9481 6667
Mark Thompson Managing Director
Grant Mooney Non-Executive Director
Stephen Lowe
Non-Executive Director
Page 1
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Talga Resources Ltd ASX:TLG 6 December 2016 Sydney, Australia
Forward Lookin Statements and Disclaimer: g
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This presentation has been prepared by Talga Resources Limited (ACN 138 405 419) (“Issuer”) for the sole purpose of providing an overview of its current prospects and proposed exploration and development strategy to recipients (“Recipient”). This presentation and its contents are provided to the Recipient in confidence and may not be reproduced or disclosed in whole or in part to any other person, without the written consent of the Issuer.
The presentation is based on information available to the Issuer as at the date of the presentation. The information contained in this presentation has not been verified by the Issuer nor has the Issuer conducted any due diligence in relation to that information. The presentation contains selected information and does not purport to be all inclusive or to contain all information that may be relevant to the Recipient. The Recipient acknowledges that circumstances may change and this presentation may become outdated as a result. The Issuer accepts no obligation to update or correct this presentation.
This document includes forward-looking statements. When used in this document, the words such as "could," “plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although the Issuer believes that the expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements.
No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of the Issuer, its directors, employees or agents, advisers, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability arising from fault or negligence on the part of the Issuer or its directors, employees or agents. Nothing in this Presentation is a promise or representation as to the future. Statements or assumptions in this presentation as to future matters may prove to be incorrect and differences may be material. The Issuer does not make any representation or warranty as to the accuracy of such statements or assumptions.
The information in this presentation does not take into account the investment objectives, financial situation and particular needs of any Recipient. The Recipient should not make an investment decision on the basis of this presentation alone and the Recipient should conduct its own independent investigation and assessment of the content of this presentation. Nothing in this presentation constitute financial product, investment, legal, tax or other advice. Nothing in this presentation should be construed as a solicitation to buy or sell any security or to engage or refrain from engaging in any dealing in any security.
Photographs, maps, charts, diagrams and schematic drawings appearing in this presentation are owned by and have been prepared by or commissioned by the Issuer, unless otherwise stated. Maps and diagrams used in the presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in charts, graphs and tables is based on information available at the date of this presentation. By accepting this presentation the Recipient agrees to be bound by the foregoing statements.
2
What are Technology Minerals?
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Technology minerals enable new technologies, products and applications, or make current materials more: ‣ efficient (lighter, stronger, faster) ‣ functional (conductive) ‣ sustainable (lower emissions, ‘greener’ chemistry) Graphite and particularly its 2-D version, graphene , have been shown over the last 10 years to be the most conductive, lightest, strongest and universally disruptive material additives on earth.
3
Introduction - what we do
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‣ Talga is an advanced materials company that owns the highest grade graphite mineral resource in the world[ #] and has developed an innovative process to make the mass production of quality graphene possible.
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‣ Talga is a listed public company on the Australian Stock Exchange ( ASX:TLG ) with operations in Sweden, Germany and UK.
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‣ Pilot plant operational and rapidly developing value-added product pipeline and IP delivery underway.
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‣ Talga is positioning to play a large role in the emerging trend towards low emission energy production/storage and a host of
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technology applications enabled by graphene and graphite.
Talga CTO Dr Siva Bohm with graphene dispersions at Talga Advanced Materials GmbH, Germany
4
-
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- -[#] See http://www.techmetalsresearch.com/metrics indices/tmr advanced graphite projects index/
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Process - Uni ue Ore q
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= - = For video see https://www.youtube.com/watch?v xrp4NzIe B8&feature youtu.be
5
Commercial Advanta es g
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✓ [Vertically integrated][ with ] in-house product expertise value-adding to raw materials
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✓ [Pilot plant][ operational & ] successfully scaling up
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✓ [Product pipeline ][across ] multiple large technology and bulk sectors
ADVANTAGES
✓ [Highest grade][ graphite ] resources in the world
✓ [Large][ and ] [unique] ‘electrode’ style ore deposits ✓[Top class ] [jurisdiction] Sweden
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✓ [Process technology ][enables bulk] high quality graphene production
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✓ [Low cost ‘][no crush/grind’ & low enviro-impact process ]
6
Cor orate Sna shot p p
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Capitalisation Summary 30 Nov 2016 (AUD$) Shares on issue TLG Listed Options TLGOA ($0.45 : 31 Dec 18) Unlisted Options[1] Market Capitalisation (undiluted @ $0.27)
Top 5 Shareholders[2] Smedvig G P Ltd Lateral Minerals Pty Ltd (M.Thompson) Kamberg Investments Ltd Yandal Investments Pty Ltd (M. Creasy) Pelmer Securities S A
Board 181.9M Managing Director - Mark Thompson 44.9M Chairman - Keith Coughlan 34.7M Non-Executive - Grant Mooney $49M Non-Executive - Stephen Lowe Cash end Sept 2016 ~$10.3 million . Nil Debt. ASX: TLG year to date share price
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11.3% 7.8% 3.3% 3.0% 2.5%
1 Various expiry and strike prices $0.35-$0.65 2 Holdings rounded to nearest decimal point, as at 30 Nov 2016
7
Board and Mana ement g
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Mark Thompson
Managing Director
+25 years international industry experience in minerals-mining management. Member of the Australian Institute of Geoscientists and the Society of Economic Geologists, guest Professor in Mineral Exploration Technology at Chengdu University of Technology and the Southwest University of Science and Technology in China. Mr Thompson currently serves as a Non-Executive Director of Phosphate Australia Ltd.
Keith Coughlan
Non-Executive Chairman
+30 years' experience in stockbroking/funds management. Largely involved in the funding and promoting of resource companies listed on the ASX, AIM and TSX. Advised various companies on the identification/acquisition of resource projects and previously employed by one of Australia's then largest funds management organisations.
Mr Coughlan is currently the managing director of ASX listed European Metals Holdings Limited.
Grant Mooney
Non-Executive Director
Mr Mooney has extensive experience in resources and technology markets. Has served as Director and Company Secretary to several ASX listed companies including Director of renewable energy developer, Carnegie Wave Energy Ltd, Barra Resources Ltd, Phosphate Australia Ltd and Wild Acre Metals Limited. Mr Mooney is a member of the Institute of Chartered Accountants Australia.
Stephen Lowe Non-Executive Director
Mr Lowe's background is in business management and taxation and he has over 18 years' experience consulting to a range of corporate and high wealth clients. Mr Lowe is currently a non-executive director of Corizon Resources Ltd and Windward Resources Ltd and a former Chairman and non-executive director of ASX 200 company Sirius Resources NL. Mr Lowe is a Fellow of the Taxation Institute of Australia and a Member of the Australian Institute of Company Directors.
8
O erations p
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Talga Resources Ltd Australia - Corporate HQ
Talga Mining Pty Ltd Filial Sweden - graphite source
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Talga Technologies Ltd UK - product development
Talga Advanced Materials GmbH Germany - pilot process facility
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Part of Talga team at Phase 2 pilot plant commissioning in Rudolstadt, Germany
9
2016 - O erations p
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This financial year we have: Test Mined ‣ Produced ~5,000 tonnes low cost electrode-quality ore
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‣ Opened up our ore bodies
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‣ Expanded resources
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Built and Operated a Pilot Plant ‣ Provided new source graphene and micrographite to market
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‣ Demonstrated potential supply scale to customers
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‣ Developed key insights towards full scale project
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Produced graphene and graphite products ‣ Validated in-house expertise with peer-reviewed test results
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‣ Gained market knowledge and customers across target markets
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10
Products Strate gy
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‣ Produce value added graphene products raw
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to complement supply of graphene & graphite
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‣ Pursuit of revenue prior to full-scale production through licensing and royalties – plus sale of raw materials
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‣ Initially aim to replace additives in existing products with better performing ones (‘new products’ not required)
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Test samples of Talphene[TM] graphene dispersion product for customer
11
Product - A lication Sectors pp
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‣ Higher performance anti-corrosion and anti-fouling paints
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‣ Replace toxic amounts of chrome, copper and zinc
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‣ Total coating market worth $120B and uses 40Mtpa materials
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‣ Higher performance or lower cost Li-ion, flow and alkaline batteries
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‣ ‘Wearable’, printable batteries and other energy storage devices
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‣ Batteries market alone worth $24B
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‣ Higher performance concrete and tarmac with electric & thermally conductive properties
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‣ ‘Snow & Ice-free’ roads, paths, rail crossings, driveways, steps, airport aprons
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‣ Total cement market worth $450B
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‣ Conductive, stronger and lighter plastics and fibres
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‣ Flexible electric and thermally conductive materials
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‣ Market worth $18B
12
Market size sources: Reports from IDTechX, Freedonia, www.corrosion.org, Market and Markets, Future Markets Insight, BCC research, www.energy.gov, www.cam.ac.uk
Where Tal a ‘Fits In’ g
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‣ Products enhanced with graphene & now
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micrographite are being used (not distant possibility) - no need to re-tool manufacturing lines in target products
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‣ Real world products with addressable markets
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‣ Aim to remove the supply volume and pricing bottleneck to enable rapid industry uptake
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‣ Disrupt graphene market - even during pilot plant phases
Test sample of Talga few layer graphene (FLG) dispersion product
13
Current Collaborations
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14
Source - Sweden
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‣ 100% ownership of five graphite projects in Sweden containing three resources and over 25 deposits
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‣ Full range of graphite flake sizes from micro to jumbo flake
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‣ Current JORC compliant Mineral Resources*
Project Tonnes Graphite Grade Vittangi 9,800,000 25.3 %Cg Jalkunen 31,500,000 14.9 %Cg Raitajärvi 4,300,000 7.1 %Cg ‣ Current JORC compliant Exploration Targets 0-100m Tonnes Graphite (%Cg) Depth Total 136-250,000,000 18-25*
Note: The Exploration Target is based on a number of assumptions and limitations with the potential grade and quantity being conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource Estimate in accordance with the JORC Code and it is uncertain if future exploration will result in the estimation of a Mineral Resource.
15
*See Appendix 1 for resource and exploration target details
Source - Vittan i Pro ect Trial Mine 2016 g j
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‣ Innovative graphite ore mining technique ”
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‣ Extracts ore as direct use “ electrodes
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‣ No ‘drill and blast’ of ore = less dust and noise/ minimise environmental impact
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‣ Trial of larger, tailor-made and automated ore block cutting equipment successful
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‣ ~5,000t extracted to date to feed upscaled pilot test processing and graphene product development
Vittangi trial mining. Details see TLG ASX release 25 July 2016
16
Source - Vittan i Pro ect Trial Mine 2016 g j
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17
= For video see https://www.youtube.com/watch?v q2Xmz7Buj3A
Process - Advanta es g
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----- Start of picture text -----
Talga raw ore
Exfoliated
25.3% graphite
Micrographite
Volts micro-graphite + graphene
Graphene Nanoplatelets (GNP)
Talga
Talga
graphite
graphite
Electrolyte Few Layer Graphene (FLG)
Waste recycling
Talga Graphite
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‣ Process liberates raw ore graphene and micrographite directly from
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‣ Requires no crushing, no grinding, no jet milling
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‣ Makes ultrafine and ultrathin size particles, a type of material not previously available economically at this scale
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‣ Lowers costs and energy , emissions of graphene production
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‣ Higher performance in applications
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Product - Hi h ualit Gra hene Tal hene[TM] g Q y p p
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HR-TEM and other tests confirm high quality, 1-4 layer graphene.
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AFM
~ 2nm
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Raman
2D
G
2700
1580
D
1350
‣
Raman spectrum shows a high quality graphene as indicated by
Talga can produce a range of products from pristine
.
the very symmetrical 2D peak with a lorentzian profile centred at 2692 cm [-1]
graphene to nano and micrographite
Note the higher 2D peak intensity compared to the G peak for LPE graphene.
‣ Talga’s graphene has been measured and tested by
various and prestigious universities and scientists,
including peer review studies on it’s use in coatings
‣ Talga has moved to trademark it’s few layer graphene
product as Talphene [TM] in preparation for
commercialisation of value-added products
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19
Pilot Test Plant Ex ansion p
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‣ Pilot process test-work well advanced
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‣ 3 phases to upscaling process – Phase 2 just commissioned
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‣ High quality graphene output confirmed
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‣ ~76% of input carbon converted to graphene ‣ Capacity scale up continues towards Phase 3 ‣ Product outputs used to supply product feed, prototypes and customer samples
Raw ore cut into 50kg electrodes for pilot test plant processing
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Phase 2 pilot test platform
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Few layer graphene test samples for customer program
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20
Products - Ener : Li-ion Batteries gy
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‣
‣ Recent tests support previous
‣ Results show
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‣ Talga can produce graphite for Li-ion battery anodes: No grinding, micronising and shaping costs
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‣ Recent tests support previous breakthrough results (ASX:TLG 17 Feb 2016)
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‣ Results show excellent stability and greater than 99.7% efficiency without capacity fade
Talga Li-ion battery test material preparation
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‣ Tests underway on larger scale programs at EIC Warwick UK and with battery manufacturer in USA
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‣ Data supports commencing industrial Li-ion ' pouch ' cell testwork and commercial-style roll to roll anode formulations
21
See ASX:TLG 10 Oct 2016
Products - Ener : Batter technolo gy y gy
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Live-in factory facilities of global leading Li-ion battery manufacturer, China
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‣ Major battery makers are testing and preparing the next generation battery technologies
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‣ Some will not use spherical graphite anodes, forming ‘technology traps’
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‣ Graphene has been shown to suit current and emerging battery technologies:
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Silicon-graphene in Li-ion
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Li-Sulphur
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Li-Aluminium
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Li-Air
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Flow batteries
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Printable batteries
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‣ Talga’s ore has natural characteristics that may be exploited for new battery materials
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Silicon-graphene anode technology
advertised as part of development
22
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Product - Energy, Coatings, Conductives ‣ Graphene produces opportunity to deploy our products more widely than just batteries
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‣ Lighter components increase range and decrease emissions/km travelled
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2km ELECTRICAL WIRING >60 >150 >3 KG HEATING/COOLING EQT DIFFERENT ELECTRICAL BILLION TIRES ANNUM DEVICES
23
Source: Johnson Controls
Product - Coatin s g
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‘Functionalisation’
Surface Interaction/Adhesion
Talga Few layer
Graphene
Talga
Novel
Exfoliation
Process
Barrier and other
properties
Talga Few Layer Graphene
Talga Raw Graphite Ore
Coated Metal
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24
Product - Coatin s g
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- ‣ Talphene[TM] enhanced coating corrosion evaluation results show 74% less water permeation and great anti-corrosion results on mild steel
Salt immersion tests show Talga’s graphene significantly reduces corrosion over time
5% Talphene[TM] enhanced coating
- ‣ Validates global potential of Talga product for giant volume coatings sector
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No Talphene [TM]
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25
Graphene Anti corrosion coating: Flatchem, 1 (48) (09/2016)
Product - Coatin s market g
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26
Product - Com osites p
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Automotive ‘Solar’ Panels
BioMed
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Packaging/RFID
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‣ Graphene can make functional composite materials that are conductive, flexible, lightweight and non-corroding
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‣ Current markets include RFID tags, printed packaging, copper-wire replacement and solar panels.
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‣ Emerging markets in textiles, plastic and fibres for ‘wearable’ technologies, printable batteries & 3-D printing
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‣ Current conductive ink market relies on high cost silver and carbon black but is high growth
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‣ 78 million ounces of silver used in solar panel over 2014[*]
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industry in 2015, up 23%
27
- http://investorintel.com/technology-metals-intel/silvers-cleantech-appeal-burnished-by-solar-power-boom/
Product - Construction
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Snow-free driveway heating installation
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‣ Graphene and graphite additives can make concrete electrically and thermally conductive for ice & snow-free roads, bridges, foot-paths, bike-paths, rail crossings, stairs, airport aprons as well as direct-heating house materials
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‣ warm
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Electrically solid state material can use less energy and save installation and maintenance costs of pipes or Cu-wire
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‣ Conductive cement useful for earthing of buildings, wind turbines and other lightning-prone structures
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‣ Graphene also has ability to strengthen concrete similar to carbon nanotubes (eg, Edencrete) but using lower cost graphene oxide
Snow & ice-free road heating installation
28
Underwa ! U comin Catal sts y p g y
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Drilling
results and
Commercial Industry test
resource
partnerships results
upgrade
Product
Pilot facility
prototypes
scale up
and patents
Test
Commercialise
Feasibility/
revenue non-core assets
Permitting
opportunities (including
advances
cobalt and
gold)
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29
A endix and Statements pp
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References
-
-
-
-
- # ) see http://www.techmetalsresearch.com/metrics indices/tmr advanced graphite projects index/
-
-
-
-
see Industrial Minerals Natural Graphite report 2012, unpublished internal reports for Talga, and Scoping Study released to ASX 9 October 2014.
NB) any data not specifically referenced is based on personal communications with industry participants where appropriate and/or unpublished technical research.
Cautionary Statement
The scoping study referred to in this report is based on low level technical and economic assessments, and is insufficient to support estimation and economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusion of the scoping study will be realised. The Company confirms that all material assumptions and technical parameters underpinning the scoping study results and projections in this release continue to apply and have not materially changed. The use of the word "ore" in the context of this report does not support the definition of 'Ore Reserves' as defined by the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. The word 'ore' is used in this report to give an indication of quality and quantity of mineralised material that would be fed to the processing plant and is not to assumed that 'ore' will provide assurance of an economic development case at this stage, or to provide certainty that the conclusion of the scoping study will be realised.
Competent Person’s Statement
The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled and reviewed by Mr Simon Coxhell, a consultant to the Company and a member of the Australian Institute of Mining and Metallurgy and Mr Mark Thompson, who is an employee of the Company and a member of the Australian Institute of Geoscientists. Mr Thompson and Mr Coxhell have sufficient experience which is relevant to the activity which is being undertaken to qualify as a "Competent Person" as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, mineral Resources and Ore Reserves” (“JORC Code”). Mr Thompson and Mr Coxhell consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.
The information in this report that relates to Resource Estimation is based on information compiled and reviewed by Mr Simon Coxhell. Mr Coxhell is a consultant to the Company and a member of the Australian Institute of Mining and Metallurgy. Mr Coxhell has sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this document and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“JORC Code”). Mr Coxhell consents to the inclusion in this report of the Matters based on this information in the form and context in which it appears.
30
Gra hene to Gra hite Market on a Slide p p
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hene to Gra hite Market on a Slide
p p
vFLG
PRODUCTS AND
Annual
APPLICATIONS
Consumption
US $/tonne
(Tonnes)
GRAPHENE
$200,000 FLG
vFLG = Very Few Layer
400,000t
Graphene (1-3 sheets)
Flexible electronics, Water GRAPHENE
membranes, Bio-tech LAYER BASED PRICING MLG
GNP
FLG = Few Layer
Graphene (2-5 sheets)
Sensors, Conductive ink,
Li-Air batteries $20,000
DIAMETER BASED PRICING
MLG = Multilayer GRAPHITE
Graphene (3-10 sheets)
Functional coatings,
Micro graphite
Composites, Plastics
200,000t
GNP = Graphene Nano
Platelets (10-150 sheets)
-
Functional coatings, X Large
$2,000
Fuel cells, Cement
Large
and road additives
100,000t
Small
GRAPHITE Medium
Fine
Micro to X-Large = Flake 50,000t
graphite (>3,000 sheets)
EMERGING
Micro - Insulation and
$200
construction products,
0.01 0.1 1 Diameter (microns) 10 100
Lubricants, Pencils,
Flame retardants, Additives,
Li-Ion batteries Vittangi Piteä
Fine - Refractories 9.8 Mt
@ 25.3% Cg
4.3 Mt @ 7.1% Cg Raitajärvi
Small-Large - Recarburisers,
Li-Ion batteries 31.5 Mt @ 14.9% Cg Jalkunen
X-Large - Various industrial uses Pajala
TALGA GRAPHITE PROJECTS & RESOURCES - SWEDEN
References: Reports of Benchmark Minerals, Industrial Minerals, Fullerex, Roskill, Prographit, internal reports and personal communications 31
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Graphite JORC Resources and Exploration Targets
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Nunasvaara JORC (2012) Mineral Resource (10% Cg cut-off)
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Talga Graphite Exploration Targets [2 ] 0-100m Depth
JORC 2012 Graphite
Tonnes
Classification (%Cg)
Exploration Tonnes (0-100m Vertical 0m Vertical Graphite hite
Project
Indicated 6,900,000 24.2
Target Depth)th) (% Cg)g)
Inferred 2,900,000 28.1
Min. Max. Min. Max.
Total 9,800,000 25.3
Nunasvaara 62,400,000 93,600,000 20 30
Jalkunen JORC (2012) Mineral Resource (5% Cg cut-off)
Vittangi Kotajärvi 16,640,000 30,160,000 20 25
JORC 2012 Graphite
Tonnes
Classification (%Cg)
Maltosrova 20,800,000 52,000,000 20 25
Inferred 31,500,000 14.9
Tiankijokki 2,600,000 5,200,000 15 25
Nybrännan 5,200,000 10,400,000 20 30
Raitajärvi JORC (2004) Mineral Resource [1] (5% Cg cut-off)
Jalkunen
JORC 2004 Graphite Suinavaara 2,600,000 5,720,000 15 25
Tonnes
Classification (%Cg)
Lautakoski 26,000,000 52,000,000 15 25
Indicated 3,400,000 7.3
Subtotal 136,240,000 249,080,000 19 27
Inferred 900,000 6.4
Total 7.1
4,300,000 Rounded Total 136,000,000 250,000,000 18 25
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Exploration Tonnes (0-100m Vertical 0m Vertical Graphite hite
Project
Target Depth)th) (% Cg)g)
Min. Max. Min. Max.
Nunasvaara 62,400,000 93,600,000 20 30
Vittangi Kotajärvi 16,640,000 30,160,000 20 25
Maltosrova 20,800,000 52,000,000 20 25
Tiankijokki 2,600,000 5,200,000 15 25
Nybrännan 5,200,000 10,400,000 20 30
Jalkunen
Suinavaara 2,600,000 5,720,000 15 25
Lautakoski 26,000,000 52,000,000 15 25
Subtotal 136,240,000 249,080,000 19 27
Rounded Total 136,000,000 250,000,000 18 25
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1 Note: This information was prepared and first disclosed under the JORC code 2004. It has not been updated since to comply with the JORC code 2012 on the basis that the information has not materially changed since it was last reported. The Company is not aware of any new information or data that materially affects the information included in the previous announcement and that all of the previous assumptions and technical parameters underpinning the estimates in the previous announcement have not materially changed.
2 Note: The Exploration Target is based on a number of assumptions and limitations with the potential grade and quantity being conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource Estimate in accordance with the JORC Code and it is uncertain if future exploration will result in the estimation of a Mineral Resource.
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