Ann: Appointment of Chief Executive Officer, page-3

Hopefully he will focus on project cash flows, traditional qualifications, and project longevity and not only green initiatives...previous like efforts have yet to yield any progress on the Chilalo Graphite project operation, yet cash burn has been substantial. The departure of the CEO, COO, and CFO over the past 12 months are all red flags as to the disconnect on vision supported by the BOD and key investor. Shareholders expect a reasonable rate of return on their investments not focused only on EV battery.

As in industry note, no natural flake graphite CSPG is used in EV batteries produced outside of China, yet the hype continues without any market or commercial evidence to the narrative. Primary synthetic graphite anode grades have been the dominate conductive additive for secondary batteries more than two decades. If natural graphite CSPG demand is so high, then why have no new graphite projects come online (save Syrah / surviving on refractory sales) and no project has yet to be successfully funded solely on the EV battery demand narrative. Food for thought.