MNS Vs TON, page-86

The MOU Syrah signed with Chinalco on the 7th March 2014 required the agreement to become a binding Offtake within 3 months, so unless I have missed someting this agreement is NULL and VOID.

As per the announcement on 7/03/14

Under the MOU, Chalieco will buy 80,000-100,000 tonnes of flake graphite and an amount of >98% V2O5
chemical powder or flake products to be determined. The MOU requires the parties to negotiate a
legally binding offtake agreement within three months of signing the MOU. The final offtake agreement
will firm up V2O5 volume requirements and also both graphite and V2O5 pricing

As per update on 11/06/14 -

Syrah indicated that a legally binding offtake with Chalieco was expected to be negotiated within
three months of signing the MOU. This was the firm intention of the parties at that time. Due to the
reasons above, Syrah does not expect that the offtake will be finalised within the three months. Syrah
and Chalieco are continuing to work very closely together and fully expect an offtake agreement to be
concluded once these issues are worked through and final offtake amounts are finalised.

Still WE WAIT FOR SYRAH - Why is there no Signature?

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MNS expects to have a signed Offtake agreement by end of Q4 2014.

Cheers

Matt