Ann: Further gains from Talga high energy battery anode product, page-55

The PFS is due in next couple of weeks which will be most interesting when compared to the Scoping Study.

TLG has moved significantly up the value chain so I expect the Pre-Tax NPV to be very high with a low capital cost.

For those who may not remember the Scoping Study here is an extract and it has been long iterative process

The Study is most sensitive to grapheneproduction Yield and Talga has chosen to use low Yield results (2% effective) to ensure the most conservativeStudy outcomes.Recognising that this is the beginning of what will be an iterative metallurgical optimisation process, Talga isstrongly encouraged by the fact that the Study NPV jumps to indicative figures of greater than AUD$1 billionwhen using the median Yield of 6.4% (midpoint of lowest and highest yield results to date) or higher (see Fig5). With full scale production more than 1.5 years away and further recovery optimisations possible, thefuture upside for project economics is encouraging. The market for graphene has time to grow as awarenessof lower cost bulk supply becomes better known to end users.