General Discussions, page-24479

Hi xxx,The recent share price decline is obviously concerning to us. The decline was based on significant volume, which suggests we have a number of new shareholders who, like legacy shareholders such as yourself, will be counting on us to improve the share price going forward.We believe a large part of this is based on pricing factors which are not sustainable and that there is ample reason to believe the outlook for graphite is very positive. We’ve tried to adopt a strategy that reduces our risk in the immediate term, while providing strong leverage to increases in graphite prices (which we believe are inevitable). I understand these explanations above might not resonate when you see large decline sin price, but we continue to believe we have the ability to offer a much needed product at the right time, and this will ultimately reflect in our share price.If you have any questions or comments to share, please don’t hesitate to contact me.Kind regards,DavidDavid ChristensenMANAGING DIRECTOR

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