Ann: Binding Graphite Offtake Agreement Signed with Traxys, page-102

@Amorga

I would refer to the following:

Approvals - The company has provided enough detail within quarterly updates and the Annual Report to detail that the SEZ was updated in May 2021 (Refer to below snippet). To assume that no changes or updates have been made since the 2017 legislation changes is simply not true and unfounded. I would invite you to review my posts in the "Nachu Graphite Project Thread".

Frank has provided enough detail regarding the approvals status of the project and how the Mining Act changes impact Magnis. The 16% free carry will apply to the sale of raw ore concentrate ONLY. Essentially Magnis will be mining material and selling it to itself at the processing plant for an agreed value. The Mining Act relates to the operation of Mining Only, it does not apply to the overall project, specially the processing facility. I have written in depth on this in the Nachu Thread for reference or I can direct you to this years Annual Report !

BFS - This will be the easiest. The resource in the ground hasn't changed, the method to abstract and process hasn't changed, the location hasn't changed. Any reputable mining consultant could pump out an update of the BFS and have a draft on Franks desk in a month or two.

Finance - This is the Big Hurdle for the company to achieve (As is the same for any mining Junior), will be watching with keen interest how finance plays out.