Ann: Diggers & Dealers - MD Presentation, page-17

Yes, I was aware.

Do you think that China might of known that was coming? I think it is safe to say they did.

And if they did, do you think they would of stockpiled? Speculation of course, but, that is what I reckon has happened. There are lots of moving parts but the result is the SYR is under $0.80

There is doubts on quality of Graphite and lots of other stuff happening in China but I think they just play their cards close to their chests. Nothing is ever really confirmed.

If you look at how this is playing out, I would not be surprised if China is 'allowing' itself to be an importer whilst still being the largest provider of Graphite. In doing so, they can 'control' the price by bidding against the importers and maintaining low prices. So far the only real growth from EV is China and the whole country runs as one company. They oversea manufactures, miners, importers, exporters etc. etc., etching out the best outcome for the Dynasty. (I threw in 'Dynasty' for dramatic effect).

Currently, the price of graphite is negotiated. The greatest beneficiary to this situation is China.

This will only last until the demand from other countries increases and/or supply of China decreases. By then there will be market price expectation and other players, all of which will be lower that if China wasn't doing what it is doing.

All my opinion.