Ann: Completion of Share Purchase Plan, page-8

* First point - The updated downstream DFS... This was due by the end of 2018, then is was due Q1 2019. Most recently, and I refer to the announcement released on 21 March 2019, the Company stated; "Engineering studies for construction of a 20,000 tonne manufacturing facility to be completed by April". I'm no expert but I'm guessing that these engineering studies will form part of the updated DFS, so my expectation is that the DFS will be released this month.

* Second point - I'm of the view that these discussions are likely quite advanced, I refer to the announcement on 5 February 2019;

"The GR Engineering capital cost estimate for 2019 is based on construction of a new EcoGraf production facility on land to be acquired within in an industrial park in Asia, using existing sea and land transport infrastructure, water and power supplies. Equipment quotations have been obtained from suppliers in Australia, Asia and Europe. The total estimated cost to construct the initial 5,500 tonne facility (including a 7.5% contingency) is US$19.9m which represents a 23% reduction on the GR Engineering estimate of US$25.9m in December 2017.

GR Engineering has determined that operating costs for the updated flowsheet are 10% lower than previously estimated in 2017, principally due to reduced power, reagent and labour costs.

The initial results of these engineering studies are encouraging and work is currently underway to assess the optimum expansion schedule to capture economies of scale as EcoGraf production increases from 5,500 tonnes to at least 20,000 tonnes of battery graphite per year. This includes consideration of a faster ramp-up phase to meet the growing demand requirements of battery anode manufacturers, which also enables the Company to increase the capital efficiency of the new EcoGraf development.

Financial modelling in December 2017 indicated that the first 20,000 tonne EcoGraf production facility will generate earnings of US$30.5m per year. Once the expansion schedule studies are complete further financial modelling will be undertaken to include the revised capital and operating costs, together with the updated pricing forecast to reflect increasing demand."

"...construction of a new EcoGraf production facility on land to be acquired within in an industrial park in Asia..." - I imagine it would be very difficult to do a capital cost estimate if potential site/s hasn't already been identified. "...industrial park in Asia..." is the only clue we have, but one would think that our potential EcoGraf partner/s have had some input on the selection of potential site/s.

I believe there is a very real chance that our Asia EcoGraf partner/s will be announced soon after the updated DFS is released.

* Third point - I've given up on Epanko and Tanzania. I have no expectations here although I would love to be pleasantly surprised.

* Fourth point - There is no doubt that we were eligible for an R&D refund for the 2016-17 FY, but the question remains just how much we were eligible for. At worst, we may have to repay some of the refund received and, at best, we won't have to repay any of the refund received. Whatever the outcome this is no longer of great concern to me & evidently it is not of great concern to Colonial or any of the other institutional/sophisticated investors that participated in the SPP.