Ann: Appendix 3B - exercise of options, page-26

My take on the recent share price slide is that the fall has nothing to do with Talga’s fundamentals. Most likely influence has been the lack of interest in the general mining sector and more particularly impact of Syrah’s miss against market expectations.

As far as I can determine it is ‘business as usual’ for Talga. Focal point is the EV market and its role to play in the next generation of batteries. Would seem that there is a long line of major corporates in the motor vehicle space keen to leverage the opportunity that is unfolding through Talga for a quick charge battery, albeit a commercial agreement would still appear to be some way off.

Talga graphite deposits are ‘world class’ and have long lives of between 20 and 50 years, not to mention the fact the deposits are contained in a single block as opposed to some of our competitors whose deposits are characterised by small veins (ala FMG) and inconsistent grades.

I also understand the share register at the top end is pretty stable but the Talga share register tends to be played by shortest and day traders which makes for a fair amount of daily volatility.

Company is sitting on a comfortable level of cash to allow us a runway of between 12 - 18months.

So from my perspective- nothing negative but as some other posters have suggested the long wait until commercialisation may be the catalyst for some to sell.