Ann: Quarterly Activities Report, page-231

The market cap at GPX is not due to a misinterpretation of the last DFS, but rather interpretation of the DFS from investors who have undertaken some analysis and read through deeper than the numbers.

Where the GPX DFS seems to confuse people is it is not based purely on a mining operation, but rather it includes additional processing (usually undertaken by a downstream processor). If one wants to compare apples with apples they should start by removing the micronised graphite from the GPX DFS, without it, the DFS performs quite poorly.

Furthermore, GPX has not done sufficient drilling to prove up their resource, rather there reserve is only classed as probable. After looking at the GPX DFS, I think Castlelake withdraw their package or will require additional drilling by GPX to prove up the reserve so they have comfort. After all, they did originally want a BFS so I can only hypothesise that they want certainty.

Now back to WKT:
1. WKT is the highest grade graphite project in Africa 17.9% TGC for the life of the mine.
2. WKT is able to yield a high basket price due to its course flake distribution.
3. WKT requires very little capital to build the plant (a product of high grades)
4. WKT project yields a fantastic profit margin per ton due to lower operating costs
5. WKT are focussing on debt funding to protect from shareholder dilution, given they have the best graphite project, one would expect they obtain the best finance deal.
6. Ability to include downstream type processing into current operation (this is upside) and yield an even better sales result.
7. Research the experience and qualifications of our non-exec Director Mike, and just know that he bought all of his shares on market.

If you have specific questions, feel free to ask.