Ann: Placement of Options, page-39

I've seen figures of 70% of world's graphite supply currently from China, however the applications over previous decades & century are not requiring levels of flake size & purity that the EV market particularly demands.

China have serious pollution issues that need to be addressed..The quality of their graphite reserves has also been questioned by leading experts.

I'm referring to recent articles & video of analysts predicting a strong increase in demand for quality graphite & vanadium.

Exactly when this occurs is heavily dependent on how fast the EV market moves however figures also suggest that this market is set to explode, graphite will need to increase to supply the new demand.

China is not the only country who are & will be looking to secure graphite supplies. Triton are looking to Europe & the middle east, not only China as part of their long term strategy.

We don't have to have an explosion to be viable, just a consistent demand for high grade graphite & vanadium. China's recent legislation requiring mandatory amounts of vanadium in steel grades is also in favour of Tritons assets.

The last point I'd like to make is the economics of a project.

Triton not only have the right assets, they have it in the right place close to port & with project economics that make it extremely attractive for investment & financing .

Let the mining concession come..Let the chips fall.

Triton is no guarantee to move to production but at the same time I'm not aware of a prospective graphite miner around these prices where my money would be better placed to try & capitalise on the emerging graphite/vanadium space.

I'm currently down roughly 50% of my investment however I could be up 100% in a day upon favourable news.

Fingers crossed for everyone.