Ann: Government Conditionally Approves US$40M Expansion Loan, page-28

Hi Topo.

Where did you come up with the calculation EGR will need 60ktpa to produce 20ktpa of spherical graphite,

Did you not read EGR's announcement where they are achieving 60% plus conversion?

EGR will need around 36ktpa to produce 20ktpa of spherical graphite, which is the same as RNU, I can only assume both companies have been using the same European equipment supplier to complete the tests.

EGR used 94% TGC -100 mesh graphite (150 microns), there is plenty of this smaller flake available and EGR has time to build Epanko or its suppliers can increase their capacity if required. This type of feed is normally used in refractory applications, I can only assume our latest announcement where we have made a synthetic graphite replacement with our by-product, will allow synthetic and the natural graphite being redirected into batteries.

When you think about it. Talga (TLG) is intending to use ~75 micron graphite (-200 mesh) to produce SP10, if they are able to produce spherical graphite from this smaller flake size, there shouldn't be anything stopping EGR or others.