GGraphene Market: What is the company’s current view of how the graphene market will develop in terms of price per gram/kilogram as well as the types of margins and market size the industry can expect once the market matures. Any additional coloring as those topics relate to Zen would be very welcome (if possible).

The Graphene market is maturing and we are now starting to see pricing at the industrial scale.  Cannacord Genuity out of the UK and the Graphene Council each put out pricing guidelines that were very similar in the last few weeks.  According to these reports, pricing guidelines for graphene varied from $100 to $1000 per kg however our pricing will be determined by negotiations between ZEN and end users.

Just to add some emphasis on this data point. These third party data points are suggesting that graphene will sell for $.10 to $1.00 per gram or $100,000 to $1,000,000 per metric ton. Given that their pricing was originally based in Kilograms it likely includes some scale benefit from buying in grams to Kilograms which wouldn't necessarily be fully expressed in a straight conversation to tons, but we're looking at 100K to 1M per ton. The original resource estimate for Zen was produced using a whittle method which only included economically viable resource and the most conservative price point for graphene is roughly 12 times our original estimate for a ton of graphite. I'm still in the dark about production costs going from graphite to graphene, but from a revenue standpoint it's hard to argue our good fortune.