AGM Thursday 25 November 2pm WST, page-15

A coupe of questions from my end:

1) Talga have disclosed that you have 11 auto OEMs that you are in active anode qualification/discussions with. How many of these customers would be optimal to sign offtakes with based on the initial 100,000tpa Nunasvaara/Niska production output? Mark would likely say this is price sensitive, but I note VUL were able to publicly state that they were targeting 1 cathode manufacturer, 1 auto OEM & 1 battery cell manufacturer ahead of offtake deals being struck. From Mark’s previous interviews, he hinted that that there may be 1 larger customer that they may have to sharpen the pencil in terms of margins compared to supplying smaller quantities to a larger number of customers.

2) Subject of course to permit approvals & drilling to upgrade the current JORC resource, what is Mark’s vision/ambition for annual production of Taldone-C/TalnodeSi/Talnode-E by 2030? 500,000tpa, 750,000tpa, 1Mtpa, More?

3) With the rapid transition to EV’s and build out of gigafactories, does Mark still envisage graphene to be a larger component of the business than anodes? If so, by when? Personally, i can’t see this happening before 2030 with how fast the EV space is evolving, but i do believe in graphene’s long term potential.

4) Is there any plans for Talga’s Head of Battery Technology, Dr Claudio Capiglia to relocate from Osaka, Japan to Sweden with the anode qualification plant coming online or is there still strategic benefit having him remain in Japan?

5) In the June quarterly report, Talga said “by 2030, engaged customers demand exceeds 50 times the DFS capacity with 30% of this demand coming from European manufacturers”. Does this mean 70% of Talga’s anodes will be destined for shipment to overseas markets in Korea/Japan/North America? Or does that 70% include North American & Asian owned cell manufactures/auto OEMs operating in Europe?

6) In the Limiting Factor interview, you mentioned the higher valuation certain battery tech companies were achieving listing in the US & that Talga is considering that option with the timing aligned potentially to financing for the project. Given the advanced stage of current JV negotiations, is a US listing of Talga still being actively considered?