Frankfurt Trading 85 cents, page-23

Notes on todays meeting with KC;
The mine permit is the time limiting factor. The process is set in stone and can not be sped up. This makes the DFS not as urgent as might otherwise be the case. Important to get the funding for this right. The Czech Govt, cross party, could not be more supportive. They have estimated that a 20ktpa mine/processing/production of battery products chain in CR would lead to 8000 jobs and £25bn increase in national money flow. The expansion study is looking to initially double that production eventually getting to 50ktpa. KC would love to be able to do some or all as an open pit mine; nobody in government will even discuss that until after the elections but the subject is not closed. This would lead to a significant reduction in costs. Nationalisation comments are political posturing, if it happened overseas investment would stop and the Govt know it. Babis’s comments actually referred to ‘new licences’ for mining.

Started de-watering mine. Now got new ore to make samples with. Perth Lab and Dorfner working with this. Expects to get 99.9% grade. Recent work to remove Flouride and silica from residue successful and affordable. KC talking to significant automotives, battery manufacturers, 2 of big 4 lithium players. KC very confident of getting funding for mine but needs good quality off takes to ease the process; likewise funding for DFS, just wants to get the best deal for EMH in terms of what the funder offers over and above the cash; there is no shortage of demand; the automotives need to get their heads around going upstream, they are only just realising that they are not ordering car tyres. Drill results delayed due to slow return to work in Romania, should be ready within 2 weeks. If anyone wants clarification ask and I will try to answer.