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Hi Rooba,

The thing about TGR is that up until this point the company has confidently been working its way through its mid-term Development Plan and circumstances have meant it has actually managed to speed up the progress towards reaching its 2024 goals, bringing the commission of new production plants forwards several months following the recent over-subscribed fundraising. The business model means it has a step by step approach to growth, allowing it to respond to a growing market rather than grow too quickly and overshoot and risk excessive costs early on.

I have a little knowledge of graphene through my own research and other graphene projects out there, but it's mostly cursory. However, I think the company is right to be confident in its new discovery and hail it as a groundbreaking breakthrough from a technological point of view on account of the below point from the RNS:

· The composite is almost free from oxidation and carbide forms of aluminium, a critical achievement breaking the key technological barrier in development of the Composite

https://www.youtube.com/watch?v=mHnljVBrZns&t=1s

To me what Graphene offers the world is already well-known. It is a remarkable conductor of both heat and electricity and can be formed/shaped while retaining remarkable strength despite it's light weight/low density. The above bullet point to me shows the major breakthrough and Shishir talks about it in his interview - they are the first company to successfully bond Aluminium and Graphene together without the side effects of major oxidation and carbide forms and in doing so have amalgamated the preferred characteristics of all of these materials. Now, if they can scale it up with partners and present an ideal material to displace and disrupt the current market as the owner of the process and the Tech to make this material, TGR could stand to do very very well. But it is still an IF and will require more time and work which I look forward to hearing and learning more about from the company in the upcoming webinar.

The rest of the company's flake graphite and specialty graphite projects remain ticking along and growing nicely serving as solid foundations.

LinViews, I think the company had a sensibly priced IPO and the market has reacted very well to date to say the least as the company has continued to hit milestones and achievements - just look at the confidence and impact of the latest raising. My personal opinion is that while I agree with your sentiment the market may need to see more evidence the company can deliver now as it's still very young as a public company goes, and hence more evidence will help de-risk the investment in the eyes of potential investors. This is listed on the Official Standard List of the LSE so has a more mature profile and will do things sensibly imo to grow to the scale it plans to be in 2024 and beyond (which is much much bigger than currently). The next things therefore I think the market needs to see confirmed:
- Vatomina plant commissioned and 12,000tpa production across the projects established this Quarter going up from 3,000tpa currently.
- Continued strong sales updates throughout the year
- News on the graphene production established in Q3 and any graphene related development projects
- TGMRC news
- News on any contracts/off-takes for any business line i.e. flake graphite or specialty products (or graphene)
- updates on the building progress of the next 18,000tpa plant at Sahamamy and at its specialist graphite project pencilled in for completion in Q1 2022 and H1 2022 respectively
- Further ESG and renewable energy updates
- Resource exploration and expansion updates from current ongoing work programme
- Final 2020-2021 results - we know the company has had growing sales and received higher prices for its flake graphite - confirmation of strong margins on those sales, growing volumes of sales, and effective cost-efficiencies need to be seen in formal results. To see growth of figures on the year before (and dare I say possible profit) will help provide more investors with an ability to make forecasts which will reflect in the share price performance. Rome wasn't built in a Financial Quarter after all!

The market was missing a player such as TGR. TGR offers a unique, fully integrated business model with exposure to fast growing green markets such as EVs and flame ret a r d en ts and other specialist materials that require Graphite and processing technology that TGR is able to provide.

In summary, it's had a solid start, already growing faster than planned, receiving major financial backing to grow further at pace, and now it needs a track record to show off which I believe it is capable of establishing.

The acquisition of Union in February is proving to be transformational for the Group with the integration process having already been largely completed and according to plan. The strategy of the enlarged Group is to develop a multi-category brand portfolio across a number of geographies through both organic and acquisitive growth. This will be driven by increased marketing, new product development and significantly increased e-commerce revenue, thereby expanding its combined range of established premium spirits brands, developing new brands and products and further penetrating existing UK and overseas markets. BHC has implemented its software and it is expecting to complete the transition onto the BHC software by the end of April.

Notwithstanding the anticipated continued easing of lockdown restrictions, the combined Order Book at 31 March 2021 stood at £4 million. Further investment in production and warehousing capacity totaling £500k, is being made, including a new bottling line which is expected to be operational before the year end. This line will increase capacity to c. 4m bottles p.a. A new 5cl bottling line is also being installed which will allow the production of 10,000 miniatures per hour. The Company has already received its first order for 5cl miniatures and production is expected to begin in June.

The COVID pandemic has impacted on BHC's ability to operate in its two key overseas target markets, the United States and China, due to travel restrictions and a consequential inability to carry out adequate due diligence. However, the Company has received its first order from China for the majority of its Brand Portfolio (Keepr's, Dodd's, 1606, English Heritage, London Distillery Company) and this will ship in May. The Group's Chinese partners have opened the first Keepr's bar this month which will exclusively sell the Company's products. BHC will continue to explore opportunities within these markets. The Company is pursuing other M&A opportunities in the UK, which remains a key focus in an area ripe for consolidation, by leveraging the Company's well invested platform.

Finally, the Company has adopted and intends to fully comply with the Quoted Companies Alliance Corporate Governance Code. To this end, BHC will publish a Corporate Governance Statement on its website shortly, fully addressing all disclosure requirements.

The British Honey Company plc, the producer of premium British Honey, Honey-infused spirits and alcohol sanitiser products, is pleased to provide the following update covering the first three months' trading ("Q1") of the current financial year ending 31 December 2021.

Continuing the strong performance achieved in the last quarter of FY2020, total revenues from operations in Q1 2021, excluding hand sanitiser sales, rose to approximately £1.33million. This figure represents a 26 per cent. increase over the £1.05 million of sales for the corresponding period in 2020. Sales of the Company's own brands, including Keepr's and the "Two Birds" which is a key brand of the recently acquired Union Distillers Limited ("Union"), represented 29 per cent. of total revenues with third-party sales comprising the remaining 71 per cent. Strong growth in online sales has continued with 22 per cent. of branded sales being online. Sales of non-alcoholic and low-alcohol products (NO-LO) also continue to rise and are expected to be meaningful contributors going forward. Both increases reflect a noticeable change in consumer purchasing and lifestyle habits. The Company is exploring a range of new products to enhance its B2C proposition which will continue to drive sales of our own brands. Net cash as at 31 March 2021 was £3.3 million.

Online sales growth has been driven in large part by the Group's market-leading proprietary software technology which has enabled seamless integration with a number of third-party platforms, providing key online sales channels. Combined online sales in Q1 accounted for approximately 21% of own brand sales. BHC is committed to further developing its software and will continue to invest in online IT infrastructures and connectivity to other online retailers.

The Company's senior management team has also been strengthened during the period with the recent appointment of Philip Elly as Chief Financial Officer. Prior to joining the Group, Philip has been Financial Controller for Funkin ****tails, a subsidiary of AG Barr PLC, for the past 6 years. Philip brings experience of finance within an SME and PLC together with extensive and highly relevant knowledge of the drinks sector. Both the Sales and Marketing and Software Development teams have been bolstered with key appointments. The Company is currently identifying new independent Non-Executive Directors to join the Board and a further update will be made once individuals have been identified.

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