Ann: Exceptional Super Jumbo and Jumbo Flake Graphite Results, page-9

Assay results from Namangale 2 returned 94.5% of graphite in the Super Jumbo, Jumbo and Large Flakes sizes with all other samples returning highly encouraging results.

These results were produced with no chemical processing and indicate mineralisation from this area has the potential to achieve excellent levels of graphite concentration using a low cost flotation separation without crushing to fine particle sizes or using chemical treatments.

Flotation test work is currently underway from representative materials from all three deposits in order to produce a graphite concentrate at ALS in Perth.

The proportion of larger flake sizes will reduce with further processing required to make a graphite concentrate.