Ann: First graphite concentrate shipment from Lindi Jumbo mine, page-229

You must be a dreamer. The only reason Spid was suspended was for reposting portions of moderated posts. He will be back soon as his suspension will only be temporary.

I previously commented on Andrew Cunninghams humiliating experience at Little Indaba after the MOC truncated his presentation because he rambled excessively on his earlier slides (and talked about himself). Mike Elliot's presentation at the webinar was equally futile. I lost track of the number of times he used the words "likely", "maybe" and "probably".

On actual operating costs FOB to Mtwara compared to the 2019 DFS - they will "probably be a bit more". Really? Accessing grid power will have reduced total operating costs by circa 15 to 20 percent which isn't enough to offset inflationary price increases in diesel, explosives, reagents, spare parts, other consumables, labour, travel, insurance, food etc. Numerous other companies have reported mine operating cost increases of 40 percent since 2020.

Mike claims that Lindi has "been in construction for the last year or so". How did he get that wrong? In an announcement dated 21st December 2021 in relation to Jinpeng the company trumpeted that "the first shipment has departed China". That was two and a half years ago.

Mike claims that Lindi is already in production and "we ramp up through July and August will be producing at the throughput of 40,000 tonnes per annum and at the required product distribution.......and at the minimum purity levels that our customers expect. Recoveries will probably come in later in the year." There's that word "probably" again. I'm highly doubtful that throughput, flake size distribution and purity can all be achieved over the next two months without recovery. Mikes comments on this are complete nonsense and I suspect the market knows it.

Mike completely ducked the questions around revenue and positive cashflow. His comments don't make a lot of sense. To quote Mike on revenue - "the guidance that we've given in the past is our life of mine basket price which is US$1,515 dollars per tonne and that price is probably closer to what we've seen coming out of Europe at this point of time - maybe slightly below that but not much whereas the often referred to China prices are considerably below that at this point in time so... you know, our ramp up is pretty small in the early days because they're focusing on throughput but the product that we're selling, particularly those that we're able to sell into Europe and North America are likely to achieve quite good prices." How is the comment that "our ramp up is pretty slow" consistent with achieving a "ramp up through July and August producing at the throughput of 40,000 tonnes per annum"? It doesn't make sense and I suspect investors are perplexed and unimpressed by the inconsistency of his claims.

When it came to his answer on when the company would be cash flow positive he made reference to the 2019 DFS numbers which he claimed would be achieved "relatively quickly" and he said "guidance we're giving here today is that will occur in July or August." He claimed that operational cash flow would be positive by "July or August" and that overall cashflow would be positive accounting for debt repayments "over the course of the next half a year." I don't think too many investors can take those comments to the bank.