Ann: Daily share buy-back notice - Appendix 3E, page-23

I can't speculate on what many other people might think about what was included or excluded But yes, you're correct about graphite. I have seen the forecasts, and know how much is used in EVs. There is no substitute for natural graphite, aside from synthetic graphite which is hugely polluting and dominated by China. The demand for almost all metals is forecast to be huge from 2025 onwards.

It's not produced by us of course. And perhaps strictly speaking it's not a metal so it didn't make their chart. I really don't know. The majors aren't even looking seriously at currently red-hot lithium, and I guess the graphite market is even smaller. I can't see us getting into something that's not a base metal but maybe I'll be proven wrong.

This highlights exactly what I like about S32 though. On my main buy-and-hold legacy shares account, l simply hold and keep adding to a decent sized (*only* by my standards) S32 position. It covers most of my bases for electrification theme metals.

On a newer, secondary account, I'm then free to take smaller positions in higher risk/higher reward, usually junior copper companies. As well as a South Australian based, near production graphite stock which I have high hopes for.

The point is, S32 gives me that flexibility and peace of mind, without having to buy one (almost certainly lower quality) stock for zinc, another for manganese, another for silver, etc. I see S32 as almost an ETF of lesser-known but critical minerals.