Jesse Livermore's Ghost

$HGRAF #Uranium #Silver #Gold #Graphene Why I keep a potential 100× outcome on the table for HydroGraph and have made it my biggest bet ever: exceptional margins combined with production capacity that can be replicated. The attached table puts numbers behind that possibility. At an assumed selling price of US$250/kg, selling 10,000 tonnes annually would generate US$2.5 BILLION in revenue. US$250/kg is the minimum price, in most cases it will be much higher. Start with an assumed 80% gross margin. Deduct operating expenses equal to 10% of revenue, then apply 25% tax. That leaves a 52.5% net margin and approximately US$1.31 billion in annual earnings. Using 400 million diluted shares and US$1 = C$1.38: • 5,000 tonnes at P/E 30 → C$67.92/share. • 10,000 tonnes at P/E 30 → C$135.84/share. • 20,000 tonnes at P/E 40 → C$362.25/share. These are conditional future valuations, not price targets. The assumptions are shown in the table. For perspective, an 80% margin AFTER all-in sustaining costs would require roughly $9,650 gold, $117 silver or $300 uranium, using respective costs of $1,930/oz, $23.44/oz and an ASSUMED $60/lb. That is a different, stricter measure than HydroGraph’s prospective gross margin. What excites me most is the potential to expand without continually discovering replacement ore deposits. HydroGraph manufactures graphene from industrial gases. Feedstock is not literally infinite, but production is not capped by the reserves of one orebody. Its modular Hyperion reactors can be built in months. If commercial margins hold and customers place repeat orders, profits could help fund additional reactors and eventually additional sites. That creates a compelling possibility: growing volumes, strong earnings and expansion increasingly funded internally. The opportunity spans coatings, polymers, concrete and defense. Successful adoption across several of those markets could support a business far larger than the first Texas facility. My opinion. Not financial advice. Do your own DD.

#Graphene $HG.CN $HGRAF Kjirstin Breure’s update with Jay Taylor contains some substantial signals: ▪️ Multiple LARGE opportunities are now in commercial negotiations. First contracts remain targeted for late 2026, with commercial contracts expected by Q1 2027 and a steep ramp through 2027. ▪️ Early opportunities include concrete, energy storage, coatings and composites. Most near-term opportunities are likely to use the paste. ▪️ Approximately 40 employees today, with more than 60 expected by January as the company prepares to scale. ▪️ Application patents are a priority before expanding commercial outreach, helping protect access to valuable markets. ▪️ Multiple insiders have wanted to buy shares, but Breure says legal restrictions have prevented them. She also explains why U.S. redomiciliation matters for federal funding, while making clear that major defense programs have longer development cycles.