Ann: Update on Epanko Graphite Project and Pilot Plant Strategy, page-111

Spinks would know the time frames and the burn rate better than anyone. He will also know better than anyone how quickly he can access additional capital. The most recent announcement confidently speaks to this.

Naturally a lot depends on Tanz Government and how fast the Commission once established processes applications...and indeed where any company is on the list. Clearly if they take 6 months then a CR will be required....as it would likely be required by most Tanz players. ...But if it is reasonably a month or 2 then likely not......why speculate how long they will take or where a company is in the queue?

We will all (as in all Tanz graphite plays) know soon enough. ...If Peak release is to be taken as fact then within 2 weeks we should all have clarity of how long it will take. Then we can fire the CR or not question up again based on something other than what ifs.

But a Commission we shall have and processing applications they will so if that is the reason an investor is holding back on buying back into Tanzanian plays then .....that concern is gone.

564xxl