Ann: Townsville Project Feasibility Study Update, page-8

the Ann says they have 30 companies as input materials to batteries. imo nachu is only one of those. there have to be other mines or traders around the world In there. Its magnIs's contribution to the consortIum. they may use nachu if and when they are happy the sovereign risk drops so it's good to have all the permitting and RAP done, but in the meantime, for at least 2 yrs, use others. it's interesting, because also im3 will BE THE offtake. I think that idea is percolating more and more. they would not want to sell graphite to others when im3 needs it. think this is going to rely on debt funding and some government grants and maybe some private equity. I hope not too much PE. all Imo.