Ann: Mineral Resources Project Update, page-20

Something of interest from the HXG presentation is the blend of natural v's synthetic, would make sense for MIN to be addressing both markets in line with the demand profile. MIN will in time be a battery producer I believe rather than a battery component producer

Key Facts Marketing - global market context for HXG products
• Scale – 2.44mtpa of graphite produced globally in 2017*:
 1.55 mtpa of synthetic graphite; and
 0.90 mtpa of natural (mined) graphite.
 76% of all graphite is from China

• Natural graphite market comprises:
 0.59 mtpa flake (66%)
 0.30 mtpa amorphous (34%)
 .01 mtpa vein-flake (<1%) • Natural graphite sources by country:
 China – 0.63 mtpa (44:56 flake:amorphous, with flake now almost entirely fine and small sized flake.
 Brazil – 0.01mtpa, followed by India, Canada and Ukraine

• Synthetic graphite:
 precursor material is a by product from petroleum refining (PetCoke + other varieties)
 produced by “graphitisation process”– involves heating in an Acheson Furnace for 3 weeks at 2,500 to 2,8000C; Synthetic graphite quality is related to time, temperature and feedstock.