Ann: Appendix 3B - exercise of options, page-5

It does feel like a lull before what is hopefully good news re. financing and supply agreements.

The news flow from the company has slowed and trading volumes have dried up, with minor SP movements between 0.40-0.45 off minor volume.The last quarterly provided limited information on updates regarding products other than the graphite anode product. That said, development in this space looks imminent ... maybe a subtle hint in the quarterly report re. Japan being first in line.

Meanwhile, going off the last annual report, due to being a key management person, it is disclosed that the options exercised last week were by the companies COO. This overall $840K investment, provided they are not turned back over for a profit (unlikely given low liquidity), make him a top 20 holder. Unlike MT, our COO previously had no other holdings, but has now elected to take a sizable position in the company. An updated top 20 would be good to see for confirmation of this.