Ann: Quarterly Activities and Cashflow Reports, page-27

Now it appears market had clear hindsight of ZG business financial reports at the point of acquisition. So it could not uptick the SP and from current work in progress which is moving in right direction ZG business financial impact on SP may occur in first half of FY 2023. Then what could be the trigger for increasing SP and shareholder value prior to this event ?

Please note below in bold regarding Bunyu project stage 1 in the report.

"Stage 1 has low development capital requirements and benefits from a low strip ratio, near surface,
higher grade zone. A simple mining method will be used with an open pit of 40m depth, using a
conventional drill and blast, load and haul mining method. Recent flotation test-work has
demonstrated that high grade graphite products, at coarse flake sizes, can be produced using a
relatively simple flotation process."

So much positive scenario with low development capital requirements still funding is not finalised after project validation of resource model since 2018.

It need to be noted that management funds invested in Volt may have long term view on their investment vested with resources to hold investment long. It appears this would be appropriate view to hold on SP rise as per current status of both ZG business and Bunyu project unless TM surprises market and investors.