General Discussions, page-1467

As mentioned above, there has been a fair bit of optimisation testwork undergone since the 2019 DFS and I believe my figures above (if anywhere near correct) will end up looking very conservative. I believe optimisation of the process both upstream (concentrates) and downstream (PSG) that has been undertaken in the last 2 years should be reflected in the feasibility study for increase in production capacity currently underway.

'Since the completion of the Siviour DFS in November 2019, Renascor has undertaken bench scale
mineral processing trials to optimise and validate the Graphite Concentrate mineral processing
parameters adopted in the Siviour DFS. The bench scale tests included tests focused on maximising
graphite recoveries by adjusting mineral processing parameters from the flowsheet adopted in the
Siviour DFS.'
- Improved Graphite Recoveries from Locked Cycle Tests

The below snippet is very interesting and could be a game changer. This could potentially mean a whole lot more than the ~72% of flake concentrate (as mentioned above re flake sizes) may be sent to the PSG plant. This,in turn means a whole lot less resource is needed to support a 40 yr mine life.

'The trials are designed to include varying reagent regimes and to be performed on feedstocks of varying
concentrate grade and type. This variation is considered critical to ensure that the processing parameters
yield the production of qualifying PSG with all graphite concentrate feedstock expected to feed into the
PSG processing plant. Results to date have achieved qualifying purity levels of each selected grade.'
-Renascor’s HF-Free Technology Achieves 99.99% Purity

If I've misinterpreted the above and Renascor won't be sending all of their feedstock to the PSG plant, It's also worth considering the possibility of offtakes for the larger sizes of flake. There are plenty of high value uses for our 27% flake size distribution that are in the Medium, Large. Jumbo and Super Jumbo categories. Think graphene, expandable graphite, nuclear reactors and other high tech uses..

Anyway point being the figures I mentioned above will end up being very conservative IMO but just how conservative will be outlined in the currently underway expansion studies. The better our process can be optimised, the less drilling needs to be done to expand the resource.

Still bullish as ever.

GLA