Ann: Downstream Processing Success at Graphite Bull Project, page-11

These results are very good. Can't recall what RNU's progress was at this stage of their development but I do recall 50% yield being what was used in their study.

so to replicate that and on first go, unoptimised, acid free process flow sheet is excellent.

Looking extremely robust and this is a massive de-risk. anzaplan is a global leader in this space so if anything we might see better results from their run.

Now just to get the infill/expansion drilling complete and the feasibility study. one of the best graphite projects in Australia in terms of risk verse reward.

significant de-risking off this announcement.

SF2TH