General Discussion, page-1043

The article (Which by the way is from the Swedish equivalent to AFR or WSJ) is an editorial. Its argues that while Sweden is very mineral rich and there is a great need (and opportunity ) for various resources, to among other things battery production, there are difficulties to get the mines approved. This part is about that the location was chosen with the idea that it will be possible to make use of the possible resources nearby which make sense. If we zoom out a bit there shouldn't be a problem for EcoGraf to use Scandinavian graphite in the production. From memory there has been tests made on graphite from multiple sources. If Swedish graphite would be used at that plant it would only be a bigger environmental benefit.

Epanko is after all not the only possible source for graphite and not necessary for any of the downstream plants to move ahead based on what has been stated wit the three legs of the business as fairly independent if needed.

If we look at things from Northvolt's point of view what they need for their batteries its not what you did out of the ground - it needs to be processed first. We don't know if that will be by Ecograf yet but having a supplier 600m away would clearly be "in the immediate area". It is possible that they require Scandinavian graphite as well to further reduce the environmental footprint.

On the Ecograf plant location. While Northvolt Ett would be right at the doorstep and seems to soon grow to 60 Gwh which could potentially fill up the production there. If not it would be possible to transport stuff by rail to the Norwegian gigafactories. In another article from a few days ago from the same publication they are also talking about another potential Gigafactory in Vasa in Finland. That would be another potential customer easily accessible via shipping across the water. So, while Northvolt is the most likely customer it could be the easy access to the Scandinavian graphite which is the main thing for <Ecograf as well - with easy shipping and train lines to the nearby area which has been a selling point for Ecograf as well.