Ann: Cooperation Agreement with Leading Chinese Graphite Group, page-133

Go and read the production targets of all the ASX and TSX graphite companies and compare with actual binding offtake.

Volt cut the target by 90% because they are conceding to the reality of global demand. This is not clever 'corporate positioning', don't be naive.

And the agreement with Aoyu is only to provide the bulk sample for testing following which they will discuss the possibility of offtake for 10-20ktpa. Those discussions may go nowhere and in any case they are subject to a long list of conditions including project finance. VRC will not get project financing without the BFS which they have no money to complete.

And where is the update on working capital, it's one month until the end of the quarter and still no CR.