Ann: Investor Presentation - 121 & Indaba Mining Conferences, page-7

Basically, global economy (except USA) generally has gone into a slump after the sugar hit from the Covid recovery growth spurt.

Graphite has diverse industrial uses, including EV battery anodes, and similar to copper demand/supply as indicator of health of global economy. Hence, POSCO, banks & a possible cornerstone equity investor may be looking to time the economic cycle.

Many BKT investors are looking around at the market volatility lately & possible "black swan events". There is a common saying; "it's hard to try & time the market".

I also heard some say; "Biden built the factories & Trump is going to get them working!".

Can others add some input into to this ?

I get impression that the Trump USA Govt shall stimulate a new phase of commodity demand (including graphite) shortly.