Ann: AGM Investor Presentation, page-39

"Another driver for Kwinana decision was cost ... they need to establish their own source of graphite including purification and shaping" ... I told you several month ago, Andrew will end up with NO raw material to feed Kwinana. In my mind that was also the reason to delay approval process because Andrew thought he will find a cheap source. All his worthless LOIs, MOAs and non binding contracts which he used to have a back door to leave with paying no fines when he met not the due dates now took revenge. He thought he is clever using all this non binding stuff, but most of the guys out there are as clever or even better in negotiation than Andrew is.

Epanko (by the way the starting point of EGR) is the last hope to survive and crawl out of the mud to a more prosper future.
I hope they learned their lesson from the first Time when they failed. KfW has very strict rules and due dates which you have to fulfill when you want money. If I were Andrew I would whip my team 24/7 to get all the paperwork done without delay and without formal mistakes. I myself would also have no pleasure trips, no conferences, no interviews and no vacation till Epanko is up and running. I would feel ashamed and would do everything to show responsibility for the five lost years on the Epanko mine.

So the frog has at least another 1-2 years to sleep like a baby before we see a share price north of 1 AUD.