Ann: Epanko Development Update, page-6

"The German Government Inter-Ministerial Committee has provided non-binding confirmation that
Epanko is in principle eligible for UFK Cover under the UFK program and that an expert opinion
(Independent Expertise) on the Project and proposed financing arrangements is now required to
obtain Preliminary Approval for a binding offer of cover." ... if you read carefully, you recognize that
KfW is everything but close to final approval. The review process will take several weeks if not month,
especially when additional information of EGR is needed. That's fact, that EGR management is very slow
in providing necessary KfW requests.

"Consideration of the Epanko Special Mining Licence (SML) has progressed in January and the
Government is now finalising the internal approval procedures and EcoGraf expects the SML to be
issued by the Mining Commission during the quarter and will provide a further update on the SML
once granted." ... I am astonished that this had not happend last year April, especially when Andrew
told us Tanzanian Government is so supportive. But I told you last year SML will not happen in 2024
even Andrew and Christer participated on several "parties" in Tanzania.

"Following the extensive community survey programs conducted last year to update the Epanko
Resettlement Action Plan for local communities within the project area, compensation schedules and
valuation reports have been prepared in accordance with the IFC Performance Standards and were
submitted to the Chief Government Valuer for approval." ... Also a very slow and sluggish process,
considering that work on the RAP has been ongoing since 2017. After seven years, it should actually
be completed by now and not just submitted for approval to the Chief Government Valuer.

All in all, a pathetic performance and just an announcement to try and boost the share price, which
unfortunately didn't work. People no longer fall for the management's promises and sleight-of-hand
tricks; they want real results. Anything else Andrew can save himself—he should focus on hard work
and execution instead of attending conferences or playing the frog on HotCopper.