Ann: Investor Presentation June 2015, page-3

Buzzcut, I think you forgot about the last CR. The SPP (an extension to the CR) raised $1.5m in an oversubscribed SPP, but the CR to instos raised $4.1m in a heavily oversubscribed intso placement (refer announcements for $4.1m on 17/4, and $1.5m SPP on 15/5). That's more than enough money to get us to an investment decision and raise money for the physical production of the mine (noting that no other company is as close as we are to this position, with one possible exception).

Some interesting points that investors should note without the "future potential blue sky" predictions.

- Total market is 1.2Mtpa with China the largest producer and consumer
- Natural flake demand outside of China is 320ktpa and largely sourced from China
- Traders and end users seeking diversity away from Chinese supply

And the best point of all for us...

- Kibaran remains the only listed company globally with a binding offtake agreement with a partner outside of China