Ann: Epanko Graphite Project Update, page-9

Thanks guys (all gender inclusive). I appreciate the comments.

I know (and it was also in one of their announcements last year) that they were ideally seeking a new cornerstone investor, with a view to potentially finding a board position for them, so I guess we'll have to watch this space. It probably wouldn't hurt to have an addition on the sales/presentation front, and let Andrew and the team concentrate on delivery of milestones. The unfortunate thing is that if you leave the sp aside for the moment, the company has ticked off nearly everything they were supposed to tick off last year, and the main thing they didn't (Merelani) wasn't within their control to do so. But from an FA perspective, Andrew and the team are doing a great job, and I'm backing them to continue the milestone ticking during 2015. At some point, the sp will reflect the FA. It's inevitable. The only unknown is 'when'. I do know that the 'when' is unlikely to be before the macro market has a bit more confidence, particularly for resources. But when some of that market confidence does come back, and filters down to the small cap space, the more serious investors are going to look for the least risky, and there will be a lot more attention paid to things like off-takes and flake sizing, and less attention to drill hits and resource size.