Ann: Outstanding Graphite and Vanadium Results from Nicanda Hill, page-120

Well presented Splitview - finally there is an insight and support to the fact that the geology over such a short distance is likely to deliver similar grades TGC and V, albeit some of the zone widths may vary naturally. As said previously much more drilling needs to be done and then a JORC assessment made. Early selection of samples for analysis was based on a small geographic hole distribution, with many more holes to come the wider sampling will certainly result in exceptional results - this formation strikes from Balama South, through Syra and into Balama North - its the same system. Development of a "mine" will obviously focus on the best sites. The emerging graphite market is still there, short term fluctuations in the market are typically what seems to influence SP on a daily basis. There is simply too much emerging on the use of graphite in the near to medium future to negate the fact that this is the new industrial mineral that has the potential to enrich many lives and as a result companies and their SP IMO