Ann: Collaboration with BASF on Anode Recycling, page-9

The MOU between Ecograf and BASF can initially be viewed as very positive. Nevertheless, it is just a declaration of intent that we also have with some other partners and no added value has yet been delivered, or large companies often do this so that they can protect themselves in the event of an emergency. If EcoGraf goes bankrupt or the project fails completely, BASF doesn't really care!

But what I think is the most interesting point: "Support the anode recycling program with blending the recycled anode with its high purity
and high-performance Tanzanian graphite to increase re-use and uptake with customers." For me this means that we have a future customer for our graphite or BAM graphite, possibly even the buyer or one of many buyers noted in the KFW application to maintain the UFK guarantees. Furthermore, this is the kind of news I expect after receiving the SML and KFW approval!

The interest seems to be there and one BASF has at least dealt with us intensively, especially since BASF itself will be entering the battery business in a big way. Personally, I don't think they'll publish a notice because they do something like that every month and it's not really business-relevant for them, in contrast to Ecograf, where it has more importance.

The impression given by Spinks, Christer, Arne Lutsch and my research is confirmed a little more: that in the background we not only worked on the SML and KFW commitments, but that the further business model should be planned and rolled out by setting the course now the time when the first ton of graphite is mined. Further milestones should follow this year (BAM plants / joint ventures for this, recycling plants) and I'm really excited to see what else will be published, which no one expected, just like BASF is today. This drive hasn't been seen at Ecograf for a long time and these are positive signs for me, but you can only recognize them if you deal intensively with the company and its processes.

I'm still positive and hope the two most important news come soon!