Ann: Annual Report to shareholders, page-4

The EcoGraf team have worked extremely hard this year to progress our
projects through the development stages and much has been achieved ----

but nothing was done to produce graphite and generate positive cash flow

• KfW IPEX -Bank mandated for UFK loan of up to US$105m for
construction of the Epanko Graphite Project;

but same as last seven years we still have no credit on hand

• 110% increase in Proven Ore Reserves to move 82% of Reserves to
Proven category;

but that did not lift share price because no kilo of graphite was taken of the ground

• New mine design completed with phased expansion to 300,000 tpa;

but we will also not build mine with new design same as with old design

• An oxide first strategy put in place whereby soft, near surface oxide ore is
mined first to reduce mining and process costs and increase throughput;

but due we will not mine this is useless


• Concerted engagement with financiers and offtake partners to advance
project finance approvals including due diligence site visits by KfW IPEX
bank and Euler Hermes in June 2024;

but as last 7 years this has not led to a credit on hand


• Engineering study completed on establishment of a Tanzanian based
Mechanical Shaping Facility;

same as last studies useless work and next year we do a new improved study
(EGR is king of studies)

• Product Qualification Facility for purification successfully built and
commissioned in Perth;

so secret that even Andrew need a guide to find it

• Collaboration with BASF on anode recycling to support BASF recycling in
Europe; and

BASF never confirmed or issued an ann. or press release

• A$13.5m gold farm- in agreement secured with AngloGold Ashanti on
non-core tenements.

only positive in a long list of topics we will read again next year

At the same time our team continued developing industry partnerships.

Same as last 7 years but still no binding contract or binding offtake


To summarize it: NO SML, NO loan on hand, NO running mine, NO producing purification, NO binding offtakes or cooperation contracts ... but still huge salaries and high spending rate of CR capital with no achievements

Most is C&P from last seven years

STOP it and vote NO on AGR !!