Ann: Robust DFS Paves Way For Talga Battery Anode Project, page-229

I agree mostly. I honestly expected the share price to increase by 10-20% or so due to the DFS. My own fault in having unjustified expectations, but thats not a big deal honestly. Just a bit of cold water over the head.

I also dont care much about the CapEx increase. This is still small compared to the revenue expected from the mine. But I absolutely hate the time delay. The battery industry is moving quite quickly at moment, especially in Europe. And its picking up speed as we speak. Talgas delay in DFS release, delay in manufacturing submitted inside the DFS is moving in the wrong direction. The industry will not wait for Talga. If they cannot provide the solutions when needed, they come late to the party and will not get the hottest cakes.

I hope there is a good reason for the delay. And that Talga makes an explicit statement with an explanation we can understand.

I am also holding and think that Talga has a very bright future. There is plenty of upside in the future. Pure speculation, if there is a large customer like Northvolt requesting an increase in product quality at the expense of a delay and increase CapEx in return to a good off-take agreement and initial payment to help pay for the project, I am all for it. Maybe even include the Niska expansion with the same timeline (which was not possible to include in the DFS due to legal constraints). All is fine in this case. But we dont KNOW and we should not base our investment on faith and speculation. Talga flirting with small newcomers like Freyr doesnt help.