Ann: Informa Lithium & Battery Metals Conference Presentation, page-3

What worries me is that the share price is at 10 cents and our market cap is $27 million. Aside from Epanko we supposedly have this wonderful processing technology (with a stated NPV of US $145 million) and yet our peers in Tanzania have higher market caps (and they don't have Ecograf). Walkabout Resources are essentially a pure Tanzanian graphite play (their exploration assets in Namibia and the UK are a sideshow) and there market cap is $46 million. Volt Resources have a market cap of $32 million.

Where's the problem? Is management failing in that they can't sell the value of Ecograf to investors OR is it actually a long shot with very little prospect of delivering any returns to long suffering shareholders. I hope it's not the latter because that would have all sorts of negative consequences.

Message to Andrew Spinks and Kibaran Board - it's time to save what's left of your reputations.