Ann: Agreement with Tanzanian Government to progress Nachu, page-167

I think the graphite companies close by will be able to benefit from this amendment in favour of MNS. Maybe not the distant ones further up north as transport costs might make their operations not viable.

Those graphite miners nearby could have their ore processed or concentrate further refined by Magnis (MTT) prior to export without needing to construct their own facilities to do so.

This would lower the CAPEX requirements for others (easier to get the mine/quarry up and running) and earns Magnis an ongoing stream of funds from toll processing.

Seems like a great arrangement to me where everyone benefits and risk is reduced.

• Easier entry for other graphite miners due to lower capital costs for setup
• Ongoing source of revenue for Magnis from the toll processing
• More graphite production overall leading to more jobs for Tanzanians plus all the other benefits for their economy.

Just my thoughts and it's early days anyway.