Ann: EcoGraf Development Update, page-17

all those who are unhappy about the Asian Ecograf plant, please please please go and ask any LYC investor from 2010 days this question :

"today, in 2019, if you could turn back the clock and reverse one decision, what would it be?"

100% would say - "the decision to mine in Australia BUT process it in Malaysia"

nothing against Malaysia per se, but sometimes have a "critical" piece of infrastructure closer to home is better than far away in Asia.... YES our AISC will be higher due to Aussie pay and working condition but it is better here than there for me... we already are at the receiving end in Tanzania and that is UNAVOIDABLE as the mine is out there - we cannot mine this stuff anywhere else, right? BUT we can process that stuff (or any other stuff we can get from any other mine - IF TANZANIA GETS TOTALLY OUT OF HAND) here with a better control...

and with a fairly decent customer base, we can be in a better place IF all these things click...

DELAYS - I wish we had not have had them but that is a fairly well discussed point in the last 3 years... will this plant be enough to take us into the next couple of decades IF it is the only source of our activity? IF the answer to this question is a YES then it is worth concentrating on it for now as if we are starting AFRESH... will we rise from the dark ashes of graphite? The sp and MC has discounted this to a NO... so IF we do, then I imagine the delays will be worth it.... if not, then we already are cooked.... this is a LOBSTER POT now, we can enter but cannot get out... probably a couple of us can try and get out BUT the doors will be so fast slammed into our faces that we would probably wish we hadn't exited... try selling your 500K parcel and see what net output you get.... so let us just look forward to getting a POSITIVE result from here...

STOCKHOLM SYNDROME you say? I say that is so 2017. We are 2 years down that path now unfortunately :-(