RE:Paradigm Capital “2022 The Year of VoltaXplore”"Our valuation of NanoXplore now contains two parts: the NanoXplore base graphene business and the VoltaXplore EV battery business. Our graphene business valuation remains unchanged based on four (4) 4000-tpa graphene production plants running for the entire FY24. Our margin assumption remains US$7.00/kg. Using a 20x EV/EBITA multiple and 5% discount rate (both unchanged), our graphene business one-year target remains unchanged at $13.75. Our valuation of VoltaXplore adds $5.00-$7.25 of upside optionality to our current target price (assuming a 2GW starter plant receives go-ahead approval by the board). We maintain our buy recommendation.