Ann: African funding specialist appointed, page-9

Test work or lab work are only indicators as to the potential metallurgical and chemical markers of a graphite project and ANY end user will require bulk commercial samples from a full scale commercial plant to verify lab test results before moving forward with negotiating supply agreements...there are no offtakes in graphite as all graphite has to be qualified commercially before any end user will agree to any level agreement. Traditional offtakes, as incorrectly applied by bulk industrial mineral prior management teams to graphite projects, require significant up front capital to secure a target resource project (i.e. iron ore, copper, coal, oil, natural gas, etc.).. There are a multitude of escape clauses and commercial production requirements in pseudo-offtake agreements signed by all of the new graphite projects before ONE SINGLE KG of flake concentrate is shipped. Just about all of the agreements signed are by Chinese end users.

Can you cite any new graphite project that has secured tens of millions in upfront capital to begin commercial plant construction base on pseudo-offtakes? And I am not referring to pilot plants as those small operations are not adequate to secure a supply agreement by an end user.