Ann: Annual Report to shareholders, page-23

Couple of points caught the eye,

#They are very keen on the Cathode tech, investment and personnel increased, pilot finally up and running- 3 months now. The company believes patented tech could lead to substantial cost reduction of producing high NCM cathode material.

#No plans to advance Mount Dromedary in next 12 months, seems they’re keeping it for - if they need own supply of NG, or someone wants to buy at right price

#1 DOE LPO loan entering ph2: Formal application entered October last year (Same month as 150mil grant was approved). Strange this wasn’t Ann right after.

#2nd point is gen 3 furnaces are operating and continue to be installed, providing samples and data to offtakes, since Sept last year, + on track for future targeted production. Good to see Panasonic and Samsung named on the update, (left off last qtly).


”NAM produces anode materials to support next steps in customer qualification programs. The Company continues to work with two of the world’s largest battery manufacturers (Samsung SDI and Sanyo, a subsidiary of Panasonic), including providing updated information and samples to support ongoing requirements with plans to deliver mass production samples that will meet manufacturer specifications from our Generation 3 furnaces. Notably, the initial Generation 3 furnace systems have been installed at our Riverside facility, and commissioning continues to progress on track to meet ongoing production targets We continue sampling and testing engagements with other key battery and automotive manufacturers with expansion plans in North America.”