Ann: March 2023 Quarterly Activities Report and Appendix 5B, page-27

There is no clarity as to how many alternative processes / country alternatives are being benchmarked. I'd presume at least four representative areas (US, Europe, Australia due to our RNU friends and at least one non-China, Asian site). Perhaps 2-3 different processing costs for different regions.

I'm struggling to understand how there is as much of a volume shipping saving as you suggest. Can you explain further please. My thinking was that the base case is taking the raw graphite product from the ground and concentrating it to circa 96% at site. Some large flake will be shipped as-is. Mid-fine flake will be turned into spherical graphite somewhere. If you have a 60% recovery rate to spherical graphite then at least 60% is still needing to be shipped out to the final purification site. There's a good chance fines will also be shipped out after some additional processing. There's minimal weight savings because all the product leaving Epanko is still making its way to Tanz ports, just in different formats. There might be some packing density and therefore volume gains and but I wouldn't have expected anything close to a 90% gain.