Ann: Repayment date extended for loan funded shares, page-15

Not out of the woods yet as there are a large number of unlisted options due over next 2-3 months.

2.5 million @ .54 were due 23/6 and were held by former Chair and a Board member if I recall. As these are out of the money not sure they will be exercised but could have been subject to selling to exercise over last month or so when they were in the money.1.5 million @ .42 due 7/7 and could be subject to selling to fund the exercise as in the money.

2.5 million at .35 due 20/8 well in money and expect more selling pressure to fund their exercise as well in the money

.563 million @ .54 due 20/8 out of the money at the moment but depends on announcements over next 1-2 months.

The Annual Report details who holds etc and as usually people don't have a spare $million hanging around I would expect selling pressure to fund exercise.

The Board would be aware of these management options maturing and the 4 million share loan to MT maturing were all likely to put pressure on share price. Some has been relieved by extending the term of MT loan however pressure will remain in my opinion as the market cannot absorb a high volume of selling like the WGrigor exit.

For long term holders the business is still doing fine (IMO very fine)and this blip in prices will wash through.

From the battery initative it is clear that the volume for graphene is still noy there as MT alluded to in an interview some time back (being a long slow process) I think the pivot to batteries is brilliant for a small portion of graphite and enough to grow in to a major global anode supplier.

The comments I read from Northvolt that they are focusing development on cathode chemistries/production and regarded the anode market as commoditized so they can buy what they want without any need to focus on development of that side.

Hence my opinion that the door is wide open for TLG in Europe in the anode business and as a vertically integrated provider from a 25% carbon graphite deposit it can compete with anyone/anywhere on price/quality just look at the carbon % of the other deposits.