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Mason Graphite Inc.


Mason Graphite Inc. is a Canadian mining company focused on the exploration and development of its 100%-owned Lac Guéret graphite project, located in northeastern Québec. The graphite grade on this property is among the highest in the world and the company intends to transition the project to production by the end of 2015. The Lac Guéret property currently hosts an NI-43-101-compliant mineral resource based only on 17% of the known mineralized zone. Excellent potential exists for mineral growth. A preliminary economic assessment study features 22 years of production at 27.4% Cg and a pre-tax internal rate of return of 33.7% (see June 6, 2013, news release). The Mason Graphite management team possesses over five decades of experience in graphite production, sales and R&D and is well suited to deliver value to all its stakeholders.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Daniel Greenspan, Macquarie Capital Markets (11/18/14) "Mason Graphite Inc. announced results from a tradeoff study looking at locating the mill for the Lac Guéret graphite project in Baie-Comeau, ~288 km from the mine site. The unique high-grade nature of the deposit provides the company with the opportunity to consider trucking ore to a mill; the results from the study show the potential to decrease capex by up to 8% and opex by up to 20%. . .we maintain our Outperform rating."

The Gold Report Interview with Ron Struthers (10/22/14) "The challenge is to make graphene at a fraction of today's price, which would spur demand. Companies such as Mason Graphite Inc. are working on this. They have agreements with graphene research companies. . .Mason Graphite is working on its feasibility study on its Lac Guéret graphite project in northeastern Québec. The preliminary feasibility on Lac Guéret posted a 33.7% pretax internal rate of return and a payback of only 2.5 years. Lac Guéret is very high grade at 27% carbon, a grade it would extract over the life of the mine. The flake size and recovery seem around the average of others. The feasibility study should demonstrate the effect of the high grade on overall production costs. Mason is the leader as far as grade is concerned." More >

Daniel Greenspan, Macquarie Capital Markets (10/9/14) "Mason Graphite Inc.'s infill drill results highlight the continuity of mineralization within the existing resource at a consistently high grade. The holes outside of the existing pit shell considered in the PEA, combined with the drill results reported in late-July from stepout drilling on the north-east extension of the deposit demonstrate the potential for the company to look at options to optimize the pit design and to extend high grade mining beyond the initial 22 years at 27.4% Cg currently planned."

Jim Rogers Interview with Midas Letter (8/28/14) "Mason Graphite Inc. knows more about producing graphene than most other people, plus it also has a mine. And a lot of people are good at producing graphene from graphite, but it’s be good to have the graphite as well. . .the company also has intellectual property. And the people who run Mason Graphite were running the largest graphite company in the world [before they] took over this company. . .Mason Graphite has the government of Québec as its partner, putting up a lot of the money. . .in my view, it’s probably the place to play graphite or graphene."

Bob Beaty, The Bottom Line Report (7/30/14) "Mason Graphite Inc. is a company that is proven to have the highest grades of graphite in the world at its 100%-owned Lac Guéret property in Northeastern Quebec. Combined with cheap hydropower in Quebec, Mason is certainly in a position to be one of the absolute lowest-cost producers globally. . .the management team, along with the board of directors, has a great depth of experience in the resource sector; another fact that should engender investor confidence. . .this is a stock to watch and likely own."

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Alessandro Bruno, Investor Intel (7/30/14) "Mason Graphite Inc. has the potential to deliver very high-purity graphite—up to 99.9% graphitic carbon content—in response to new industrial applications, using traditional processes, which require relatively modest investment. On July 29, the company expanded its resource, announcing the discovery of high-grade graphite intersections in the northeastern extension of Lake Gueret beyond the original target zone. . .the Lac Gueret project is world class: it is rich in crystalline graphite, which draws international market demand."

Daniel Greenspan, Macquarie Capital Markets (7/30/14) "Mason Graphite Inc.'s step-out holes hit high-grade mineralization. . .highlights from this set of results include Hole LG-491, which intersected 98m grading 29.8% Cg starting 4m from surface. . .results show that the mineralization on this part of the property is generally quite thick. . .the location of the drill holes highlight the potential for resource growth at the Lac Guéret project. . .an updated resource and pit design are expected this year, to be followed by a feasibility study either later this year or early in 2015, leading to permitting and financing for construction."

The Energy Report Interview with Steve Palmer (7/24/14) "We like Mason Graphite Inc., which is progressing toward production. It has a very sizable resource, and the management team is very experienced in the graphite space. . .in the last couple of months, the company's stock has been relatively flat. I attribute the current flatness to a general lack of interest in junior resource companies from retail investors. Retail investors are still pretty gun-shy of junior explorers and developers in general. Mainstream investor focus has been on large-cap companies, particularly the U.S. large caps. The typical investor figures if he can make 20% on a U.S. large cap, that's good enough, so why take the extra risk of investing in a junior mining company? This will change as retail investors start to chase returns, as they always do. We believe the TSX.V will really heat up in the fall. The smart money has already started getting back into the junior sector." More >

Rupert Merer, National Bank Financial (7/16/14) "Mason Graphite Inc.'s deposit in Quebec appears to be among the highest grade deposits in the world; with about 22 years of supply of mineral resource at 27.4% Cg (graphite) and 50+ years at >15% Cg, Mason should see a highly competitive processing cost. . .the company knows how to make what the market wants and needs. . .as an early-stage company with good upside potential, we are initiating with an Outperform and a Speculative rating. Near-term catalysts could include the release of its feasibility study, drilling results, stronger graphite pricing and strategic partnerships."

The Gold Report Interview with Simon Moores (6/23/14) "Mason Graphite Inc. has done well on the fundraising side in recent months and gained a lot of profile." More >

Lawrence Roulston, Resource Opportunities (5/26/14) "Mason Graphite Inc. is undervalued relative to the valuation implied by the PEA; the feasibility study is expected to show an enhanced valuation. As the company continues on the path toward production, there is considerable scope for upside in the share price."

James West, Midas Letter (5/8/14) "Mason Graphite Inc.'s recently completed $15.6M in financings means the company is sufficiently capitalized to reach a production decision. This puts the company firmly on track to reach initial production by 2016."

Morning Coffee (4/4/14) "Mason Graphite Inc. announced an $11.5M bought deal private placement offering of units (17.7M units at $0.65/unit) through a syndicate of underwriters. . .the net proceeds of the offering will be used to fund the continued development of the Lac Gueret project and for general corporate purposes. The offering is expected to close on or about April 30, 2014."

James West, Midas Letter (3/24/14) "With the highest grade in the world, Mason Graphite Inc. could be one of the lower-cost producers in the world. . .the company is squarely in the lead to be one of Canada's next producing graphite mines. . .the key in a graphite deposit is not the size—it's the grade and the metallurgy, for which Mason is in pole position. . .given the company's low capex requirements, advanced stage of exploration, robust preliminary economics and proven ability to raise substantial capital, even in weak markets, there is no other advanced graphite company operating today that presents a better option as an investment."

Daniel Greenspan, Macquarie Capital Markets (3/6/14) "If targeted milestones are reached successfully, Mason Graphite Inc. could be in a position to start construction early in 2015. In the near term we expect to start seeing results from the 15 km drill program recently completed at Lac Guéret. . .a feasibility study is expected before year-end to be followed by permitting and financing."

Bob Beaty, The Bottom Line Report (3/5/14) "It's hard to know where to begin to list all the promising attributes of the Mason Graphite Inc. story. . .the most unique aspect is the personal relationships the company has built with virtually all of the major global clients. Investors should not discount this aspect as it provides Mason with invaluable market intelligence to keep both its market and sales approach and now, with the strategic alliance with Group NanoXplore Inc., the very best in research and development information and development."

The Mining Report Interview with Kiril Mugerman (3/4/14) "Mason Graphite Inc. has a very interesting deposit in northern Québec, Lac Guéret. Its experienced management team is targeting 50K tons annually. Mason will be able to supply the full spectrum of graphite, from minus-150 mesh to plus-50 mesh." More >

Thom Calandra, The Calandra Report (12/30/13) "Some of the recent gains, Mason Graphite Inc. for one, are heady: 50% in the span of three or four days via millions of shares changing hands. . .the company's Quebec project, Lac Guéret, is real, extremely high grade, and Mason is capable of tailoring its graphite shipments to the needs of customers who would buy it for a dozen different products, or more."

Pinnacle Digest (12/29/13) "Mason Graphite Inc.'s stock price has performed well in the month of December. After releasing news on December 5, its share price and volume picked up considerably." More >

Bishop Research and Analytics, Seeking Alpha (12/27/13) "With technical reports showing the Lac Guéret mine to contain some of the highest carbon-content grades and purity levels on recovery of any flake graphite mine in the world, Mason Graphite Inc. is a strong pure-play on graphite prices as the accelerating growth of lithium-ion batteries continues and graphene rises to its fullest potential in commercial markets. . .the company offers an excellent opportunity to reward investors with triple-digit gains in the next three years as the market comes to realize the quality of its flake graphite deposits, China's supply issues and graphene's potential."

Jaberwock, Seeking Alpha (12/17/13) "Not only is Mason Graphite Inc.'s Lac Gueret deposit closer to the surface than Zenyatta Ventures Ltd.'s Albany, it also requires very little stripping of waste rock to mine the ore. Zenyatta's mining cost per tonne of ore will be at least five times higher than Mason's. When you consider that Mason will be mining 27% graphite versus Zenyatta's 3.89%, then Zenyatta's mining cost per tonne of product is likely to be 30 to 40 times higher than Mason's."

The Gold Report Interview with James West (12/11/13) "Mason Graphite Inc. is one of my larger holdings. It has a project in Québec with grades up to 20% graphite and beyond. It's heading toward a prefeasibility study. Benoît Gascon, Mason's CEO, developed the entire sales channel for TIMCAL Graphite & Carbon's mine in Québec, which encompassed more than 60 customers." More >

Henry Lazenby, Mining Weekly (12/6/13) "Mason Graphite Inc. announced a 658% increase in the compliant Measured and Indicated (M&I) mineral resources at its flagship Lac Guéret graphite project in northeastern Quebec. The drilling lifted the resource to 50 Mmt graphite, up from 7.6 Mmt graphite, and the Inferred resources rose to 11.9 Mmt graphite from 2.8 Mmt graphite. Overall, the M&I grade is 15.6% graphitic carbon, which validated the main parameters of the April PEA report."

Morning Coffee (12/6/13) "Investors were jumping into shares of Mason Graphite Inc. after the company announced significant resource growth in an updated mineral resource estimate for its 100%-owned Lac Guéret graphite project in northeastern Quebec. Highlights of the update included a Measured and Indicated mineral resource increase of 658% from 7.6 Mt to 50 Mt, while the Inferred mineral resource increased from 2.8 Mt to 11.9 Mt. . .the main parameters of the PEA for the Lac Guéret project are still valid: 22 years of production at 27.4% with a low stripping ratio at 0.76:1 and low operating costs at $390/tonne. The enlarged mineral resource could lead to optimized pit design and improved economics."

Luisa Moreno, Euro Pacific Canada (11/28/13) "Mason Graphite Inc. was the top performer [in our graphite explorer universe] over the 2-week period ending November 27, 2013, rising an initial 25.8%, and ending the period up 15.2% after announcing the adoption of an advance notice policy on the election of its directors."

Bloomberg News Interview with Jim Rogers (11/25/13) "Mason Graphite Inc. is a Canadian company that apparently has the purest deposit in the world and is run by the world's experts, people who have been in the graphite business a long time. . .as far as I know, that's the best play on graphite."

Frik Els, (11/19/13) "Investors in Mason Graphite Inc. enjoyed another up day on Tuesday, bringing gains for the Toronto-based company for the week to 25%. . .last week the company's shares began trading on the OTCQX marketplace in the U.S. and company insiders have been picking up shares. . .Mason Graphite, which hopes to begin production by end-2015, claims great exploration potential exists on the [Lac Guéret] property with the current mineral resource based on exploration of only 17% of one well-defined zone."

The Metals Report Interview with Steve Palmer (11/12/13) "Mason Graphite Inc. has a good project in Quebec. Mason is run by a very experienced team that has been getting good drill results. It will release a new resource update shortly that should significantly increase the size of the resource." More >

Engineering and Mining Journal (11/5/13) "While growing interest in the graphite play has made for a crowded market of explorers, successful projects will rely on not only low cost production but also the ability to market to the specialized needs of consumers. Mason Graphite Inc., aiming to be in production in 2015 at the Lac Guéret project in Quebec, is confident it can achieve both. . .furthermore, the company is focused on honing its market knowledge to satisfy consumers."

Thom Calandra, The Calandra Report (10/8/13) "Mason Graphite Inc. seems to have hit its targets. . . some of the growing graphite use will be customized and depend for producer success on customer-company relationships that are tailored to the end-use products. [CEO] Benoit Gascon has shown in his previous roles as graphite salesman, operating chief and financier that he knows how to do that. . .Mason is one of the few recent winners on my screen."

The Metals Report Interview with Byron King (10/8/13) "Mason Graphite Inc. has the Lac Guéret deposit in Québec, a discovery of fairly recent vintage. It was discovered as a graphite deposit, unrelated to any gold or iron exploration. The grade of the ore appears to be even better then [competitors'] project. Where Mason can go with this is wide open, but the company definitely has the right materials to start with. It's possible that the high grades could lead to much higher purities and higher prices. That would benefit the bottom line, because it would allow the company to sell high-end product out of the mill, and capture premium pricing sooner in the value chain." More >

James West, Midas Letter (10/7/13) "Mason Graphite Inc. is launching a media campaign the likes of which TSX Venture companies do not generally see. . .the company is the obvious leader in the flake graphite realm. . .Mason Graphite, a Forbes and Manhattan company, is likely to benefit from the capital raising ability and track record of selling its projects to larger companies of its parent, and is run by Benoit Gascon, a veteran of the graphite business for over 20 years."

Pinnacle Digest (10/2/13) "Mason Graphite Inc. announced purities of 99.9% graphitic carbon had been obtained from preliminary studies testing the purification of the concentrates from its flagship Lac Guéret project. . .the most important component to Mason's Lac Gueret graphite project [is that] its very low strip ratio means that it would be extracting more ore than waste rock. . .Mason Graphite was selected as a Pinnacle Digest client and featured company due to its strong management team and the lasting connections that Benoit Gascon has developed over two decades in the business of producing and selling graphite."

Morning Coffee (9/25/13) "Shares of Mason Graphite Inc. jumped after the company announced that purities of 99.9% graphitic carbon have been obtained from preliminary studies testing the purification of the graphite concentrates from its flagship Lac Guéret project. . .the trials were carried out on three coarse size fractions of graphite: +48, +80 and +150 mesh. . .an updated mineral resource estimate for the Lac Guéret project is underway and expected to be completed by the end of November 2013."

Travis McPherson, CEO.CA (9/24/13) "Mason Graphite Inc. received test results from its Lac Guéret mine that showed concentrates of 99.9% pure graphite. . .as is usually the case, grade is king and the grades seen at Lac Guéret are unique in graphite and put the company's asset in top quartile of graphite deposits. Over 2012, Mason completed 24,345m and 146 more holes which will be the basis of an updated resource estimate. Based on this increase in drilling activity, we would expect this resource to grow significantly."

Deborah Bacal, Proactive Investors (9/24/13) "Mason Graphite Inc. unveiled outstanding preliminary results testing the purity (99.9%) of graphite from its flagship Lac Guéret project in northeastern Quebec, opening up the size of its potential customer base to applications that require extremely high purity levels. . .these high-purity applications include several industrial uses, from electrochemical applications like lithium-ion batteries that are used in electric vehicles—a market set to expand exponentially—to portable electronics and cordless power tools. . .the company's cash position is some $7M, quite comfortable for a Canadian junior miner."

Ty Dinwoodie, Investor Intel (9/24/13) "A slam dunk if ever there was one: Huge news in the graphite world this morning as Montreal's Mason Graphite Inc. formally announced purities of 99.9% graphitic carbon. One of North America's premier graphite plays and often referred to as the 'one to watch' put out impressive data obtained from preliminary studies testing the purification of the graphite from its flagship Lac Guéret project. . .with arguably the highest-grade natural flake deposit in the world, the company can achieve top-of-the-line, ultra-high-purity-graphite with minimal processing."

Jay Taylor, Gold, Energy & Tech Stocks (9/20/13) "I have decided to add Mason Graphite Inc. to the energy and tech part of my portfolio because it looks like it has the best high-value flake graphite mine in a safe geographical jurisdiction (Quebec), and it has perhaps the most highly experienced and successful management team in the graphite mining industry. . .I believe the company stands above most other developing graphite projects, especially in terms of its knowledge of various markets and the needs of specific clients."

Thom Calandra, The Calandra Report (9/18/13) "Mason Graphite's Lac Guéret project shows about 27% Cgr and estimated yearly output of 50 Kt for the mine's first 22 years. . .I love the story. . .[CEO] Benoît Gascon, a Quebecois accountant, spent 20 years at Timcal Canada Inc., formerly Stratmin Graphite Inc. His specialty was custom designing graphite shipments of various quality, flake size and other criteria for hundreds of customers, including those picky buyers in Japan. He has brought his top Timcal graphite colleagues into Mason."

Michael Goldberg, Stonecap Securities (4/23/13) "Mason Graphite Inc.'s management continues to execute on its plan, delivering a low-capex, low-cost preliminary economic assesment at Lac Guéret. We believe that the company has a financeable project with a high likelihood of being built. We continue to expect many catalysts over the remainder of the year that could derisk the project further and improve valuation."

Daniel Greenspan, Macquarie Capital Markets (4/22/13) "Mason Graphite Inc.'s completion of the PEA on Lac Guéret marks a derisking event in the development timeline for the project. We note that capital costs met expectations and production of 50 Ktpa to start is in fact earlier than expected. . .overall, we believe the results from the study show an economically robust project with potential upside from a number of different components, including resource size, project scale and metallurgy. We believe that the location of the project in Quebec, combined with the strong management team and now a positive PEA, makes Mason Graphite and its Lac Guéret project a compelling, high-quality, early-stage graphite development story."

Michael Goldberg, Stonecap Securities (4/4/13) "Mason Graphite Inc. released the remaining assay results from its 26,500m drill program. . .results from the stepout holes in the GC zone show that the high-grade graphite mineralization continues to the southeast and southwest of the current resource; hole LG-221 (55m of 26.1% Cgr) and hole LG-222 (36m at 27.5% Cgr) are extremely encouraging."

The Metals Report Interview with David Skarica (1/15/13) "Mason Graphite Inc. is an interesting story, especially on the management side. The grades are ~20% graphite, compared to a typical deposit grade of 3%. The quality is high, selling at prices up to $2,500/ton. The CEO is Benoît Gascon, formerly the CEO of Stratmin Graphite. He has the unusual experience, for a North American, of putting graphite deposits into production." More >

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