Ann: Updated Ore Reserve Delivers 17.9% Graphite Grade, page-30

More importantly, the prices are done when we are at the bottom of the margin curve, so has a lot more additional upside.

The 15% of our 500um within a year or 2 could add an additional $20M USD = $28M AUD
As the AU dollar drops it becomes worth more to the company.

As the margin curve begins to rise so will the other product categories being
+300um = 34% of TPA
+180um = 25% of TPA
-1800um = 26% of TPA

Plenty of upsides without the need to consider and include expanding above 40K TPA.

The message to new and existing investors and shareholders is that our 40K TPA our peers benchmark WKT at, is in fact, a SELF IMPOSED volume to get the project up and running to begin with.

Some people think that WKT can only do 40K TPA - far from it, as we have the capacity to increase and will do so as the market demands.

WKT is able to increase production by upsizing sections of the plant accordingly. Plus we have the neighboring PL with 4KM strike that an additional mine plant in the future could be built from WKT balance sheet alone after we are in production. (by then financiers will be lined up at the door).

An incredible World Class resource and envious position to be in as the other Graphite Players are excited to be mining what we are leaving behind.

DFS update coming soon and with the TOTAL redesign of the pit and all the asscoiated mining costs and contractors being very recently updated.