Ann: Talga and ACC graphite anode offtake update, page-189

"TLG to date has been king of announcements about maybe, could be, intents and mou’s"

What do you expect from a start up without permitting to mine the material that is required to produce the anode/graphene?

Talga have missed deadlines, but has still quickly developed into one of the leading battery material companies outside of China. This is a massive achievement and should not be understated.

I commend you for holding for so long, but just to add some perspective, over the 10 years that you were invested the EV revolution was in its infancy for the majority of that time. In 2012, Tesla only delivered 2,650 cars with a share price of $2.26. With a capex of close to $500m USD, how would Talga have been funded? Electric vehicles were still considered a novelty by most people. Even if Talga had permitting approval and the technology developed at this time, the market was tiny and wouldn't have been ready. Fortunately, Mark had the foresight to put the graphene additives on the back-burner to focus on producing anode. Because of this decision, we have the opportunity to take advantage as both company and EV market are now ready for each other.

As for the graphene additives, I believe the issue is that what currently is available is considered good enough by companies that appear to be stuck in their way. Graphene undoubtedly makes things stronger, more resilient etc. but if what is currently available is considered good enough, the demand for graphene won't be as extreme as what we're seeing with anode. What is currently available for anode isn't good enough, most is produced in a dirty, inefficient way and there is an extreme shortage that will only get worse in the coming decade.