Ann: Development Progress - Lindi Jumbo Mine, page-2174

You are aware that commissioning risk isn't just about a motor failing or a breakdown?

The risk is seeing if the plant can achieve what all the lab scale tests have indicated will be seen at scale, Be it

• the planned production rate of 40 ktpa of graphite concentrate,
• is the contained graphite seeing the recovery of 90-95%
• is the mine plan successful where 17.9% TGC is being fed through the plant or has the grade been diluted down to 12-15%,
• is the flake size of the graphite produced the same large flakes or have these dropped in size
• then we have the purity of the graphite if it can reach a high enough purity (TGC) to be a salable product, and most importantly
• is the mine profitable or does it need constant financial assistance due to these failures.

Who cares if the crusher circuit has passed wet commissioning, all it means is its breaking up the rocks as it is intended, we won't see if any of the points above are a concern until after they start processing the graphite through the additional stages, resolving these issues can take years and may never be able to be achieved. Just look at SYR, They have been mining for 7-8 years and they still haven't generated any free cash flow when they were forecast to generate US$175 mil.