We are initiating sponsored research coverage of Western Graphite, Inc. (WGSP) with a $5 short term target based on their preliminary high quality “flake” graphite reserve estimates at their 5000 acre Pure Flake mine in British Columbia, Canada and @1000 acres in Southern Turkey known as the “Amorf Graphite Property”. We incorporate a $2500/t price for high purity large flake graphite and $10,000 a ton for processed spherical graphite. We DCF model 20,000 tons of graphite production for 20 years at full production.