Ann: Renascor Investor Webinar Presentation, page-51

RIO's increase in ownership is a great sign for the future prosperity of the graphite industry. This is clearly a growth sector with a lot of potential, as also demonstrated by SYR's commitment to securing US$227 million in financing, last week, for its African project. There is a lot of market share for multiple exChina entries. Thankfully, RNU doesn't have production overheads, which is crippling many exChinese producers right now, in my opinion.

I think it’s fair to say that everyone paints their own picture to suit their objectives. Given his company's mining services experience, Chris's desire to appease shareholders makes sense. However, PSG producing experience is a different beast altogether and only China are the experts here, churning through as much as 99% of demand through their facilities. The problem is they could easily cut-off supply at any time.

As stated in RNU’s presentation, downstreaming to produce PSG will be a new industry for Australia and the first ex-China supplier of PSG to the battery sector. So, you could say that RNU is inventing something new which requires solid engineering skills. This is why DC's remarks that Australia thrives on solving engineering problems is so pertinent. It suggests to me that RNU has made great strides with its engineers through its 'Early Contractor Involvement" strategy that things have ‘matured’ so much that they can see savings before any commitment has been made to any material outlay. Especially, with the engineering design of the upstream operation in preparation for the construction phase. This should benefit the downstream operations and provide additional cost-efficiencies.

RNU’s proposed high-tech PSG facility would be an important strategic contributor to world stability that many exChina nations can’t promise so readily. That in itself has value alone. Beside, RNU has received federal money for 49.9% of the PSG demonstration plant's capital expenses, which had POSCO’s written support. Therefore, the facility is going through a rigorous testing process to prove its viability one way or another.

Regardless of outcome, world policies and the Australian Federal government may have the last say for the sake of a resilient supply chain. RNU could well be the Lynas of graphite.

AIMO, DYOR GLTA(patient)