Ann: High Grade Core Identified in New Lacroma Drill Results, page-30

Graphite is a bit different to lithium with the Mets qualification and the synthetic alternative, but you can see the macro developing:

1) European looking at introducing regs to require ESG focus thru the entire battery supply chain. Assume this suggests synthetic graphite won’t meet that, which is effectively processed petroleum extract. Europe obv a big car manufacturer so that demand assume will come from natural graphite

2) in respect of the above processed natural
graphite requires a lot energy, so to meet ESG ideally in a location with lots of renewables like South Australia

3) Then you look at the US and their requirement for local content under IRA, which recent deal puts Australia under and not China where nearly all graphite/battery anodes is currently produced.

4) then there is just the overwhelming demand for batteries. Transport and transition to EVs obv huge, but current growth in installs of storage, the volumes are completely huge

I don’t pretend to predict what the SP will do, but not sure there is a better macro setting possible, especially for a project in a region with lots of renewables and access to US IRA. Now just have prove that resource.