Ann: Siviour Battery Anode Material Study Results, page-498

Hey Dee,

I actually throught the DFS wasn't too badly put together, DC and the consultants scheduled / modelled the project in a lower risk way that gets product to market quicker, whilst mitigating the current risks of such a large project.
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Certainly was more positives than negatives IMO !

When do I think Pricing will improve ? Well this was probably the 1 key negative, the whole study was underpinned by a PSG price of $4,700/t. reality is that pricing has been in decline all year and sits at $1,750 today

I've attempted in the past to forecast pricing and listened to various "experts" at Benchmark + Fastmarkets etc, I've learnt to just deal with reality and the facts as they are...... China has graphite in a firm grip and is strangling away

Look forward to seeing if RNU can commence with the concentrate pathway 1st and if / when PSG pricing looks more attractive, we can head down the downstream pathway at a later point in time.