Ann: Development Progress - Lindi Jumbo Mine, page-5511

IMO the next annoucement should be a good one. Majority of the plant now fully commissioned, confirmation of consistent power supply not only providing significant opex savings but also significantly reducing CO2 emissions. All flake sizes meeting spec, graphite being bagged which starts generating income to offset opex costs. What I also like is that commissioning issues that have occurred have been able to be resolved fairly quickly, even the burner issue has been turned into a positive long term outcome. Gives confidence the plant and processes have been well designed and the work force understand how to problem solve issues that occur.

One other thing this isn't lost to me is that our majority shareholder isn't selling off shares. That is the shareholder involved in the construction and commissioning of the plant and has the most visibility of whether the company will be successful or not in meeting it's DFS forecast margins is not selling. We all expect the SP won't have huge gains until it's proven to be profitable so if it wasn't going to make a profit, then best to get out now. But they aren't....