EVION GROUP GENERAL DISCUSSION, page-998

"Pipped at the post"... hahaa

In many ways Evion has advantages over Tirupati and the so-called "first-mover advantage" is way over-rated esp when it comes to graphite production. Tirupati is interrupting operations to introduce beneficial technology such as Pre-Concentrate Units to reduce OPEX and emissions. Reducing waste ore transportation to the processing plant and thus increasing the head grade will improve their profitability.

I can't recall if we have engaged the services of SRK Engineering / Consulting, but hopefully, such technology is being incorporated into our Maniry project designs. I believe our proposed head-grade is higher than Tirupati's and imagine PCUs would lower Maniry's OPEX and ESG rating accordingly. With this in mind, maybe Ianapera is more valuable to retain. It has particularly good insitu grades as it is, and if transportation can be greatly reduced due to PCUs... just saying. I'm sure NEXT would love to get its hands on Ianapera!