$1.5B Modern Manufacturing Stratergy, page-4

Hi Spid,

You are correct, the $1.5 billion Modern Manufacturing Strategy (MMS) included in the recent Federal Budget is completely independent of the EFA debt funding proposal.

The Federal Government sets the mandate for Export Finance Australia but they do not get involved in or attempt to promote individual projects. EFA's due diligence will be based on the mandate given by the Federal Government and the economics of our EcoGraf Kwinana project.

I think there's a reasonable chance that we will be the beneficiary of support from this year's budgeted MMS allocation (I think someone mentioned it's $40 million for 2020/21). If we can secure $2-$3m that would be quite significant for the project and will reduce the required companion equity from a potential strategic partner.

Let's not forget another potential funding pathway through CEFC. @Accumul8 correctly pointed out that our proposed EcoGraf Kwinana project fits well within the scope of CEFC's mandate.

Word on the street is that our MD has been putting in 7-day work week's. You don't put in those hours unless you have huge belief in the project, and you don't have that kind of belief in the project unless it has a very good chance of coming to fruition.

EcoGraf Kwinana will be built.