Ann: Ceasing to be a substantial holder, page-135

Hi Lectro,

I have mentioned this to our RNU friends as an option, their graphite mine construction time is around 20 months and the PSG facility 15 months, it would have been much quicker for them to use third party supply and built the PSG facility rather than wait until they obtain all of the regulatory approvals for their graphite/ construction.

I honestly don't think they understand the risk associated with commissioning a new graphite mine, which surprises me when there is SYR as a leading example of what can go wrong with building a new graphite mine, nearly all of the DFS forecasts have failed to be achieved with a commercial scale production facility 3-4 years of losses and this doesn't look like its going to end anytime soon, The next project we can all view is WKT who is building a graphite mine ATM, they forecast a construction time of only 7-9 months, this has already passed and they are yet to complete building their foundations.

IMO RNU would be unlike to have obtained funding for their PSG facility and Graphite mine if it wasn't for the Australian government, there is significant risk where they need $180+ Mil. No doubt this is why the company has just raised $50mil to complete additional drilling of the project and more pilot test work. No doubt the government wants to confirm the DFS forecasts can be achieved, its a lot of taxpayers funds that are at risk.