Ann: 99.99%TGC Coated Spherical Graphite Achieved-MNS.AX, page-121

Hi TG, many thanks for that, so with the massive capex requirement blowout would we be expecting the senior loans will be a lot higher than POSCO expected or will it be the subordinate debt and equity that needs to increase.

It may be difficult to get more sub ordinate debt due to the higher risk of this thing collapsing in a heap due to the high capital requirement, I assume the senior loans would have first security over any assets that may exist if this event happened so it would likely be the sub ordinate debt and shareholders left holding little or nothing. So could we be looking at a massive capital raising to cover the increase, circa USD 100 million or there abouts and if so when would be a likely timeframe, perhaps just after the next decent spike would be a good time.

Thanks