Ann: FCC Approval Received for POSCO US$7.5m Investment, page-8

Hi mate no worries.

1. tanzanian 16%free carry.
Tanzania get 16% free stake in the conpany. Witho havut this there will be no future work. They have been negotiating this deal for aome while but the government is very slow. This deal from what john devries (JDV) has said should be maybe this month.

2. Posco prepayment of 10mil to 20mil.
posco is going to prepay this money to blackrock for future graphite from our module 1 plant i believe.
they have been waiting for the government to confirm theat they could buy in bkt firstly in which they now have.
As stated in todays announcement this will happen this month.

3. Finance confirmation.
In my opinion the finance will come very quickly after these first 2 announcements are confirmed and signed. With the government and posco behind us and with the pre payment, this project is very derisked and finance is a certainty

i think these announcements will all come this quarter. 2 of these maybe this month.

jdv was known to have said many many months ago that may was going to be big for blackrock and with this announcement we know why.