Ann: Investor Presentation June 2015, page-34

Heeman, an interesting addition to your post above, "Merelani being the 2nd producing mine in Africa": management are quietly very confident that not only will Merelani be the second producing graphite mine in Tanz (behind Epanko), but that it will actually be in production also before almost every other ASX graphite company even gets their first mine going. The key here is non-Chinese buyers lining up to take the product for existing demand, for both Epanko and Merelani, who are both reliable and bankable.

Andrew and the team recognised this a number of years ago when they made the strategic decision to target genuine, non-Chinese buyers, and have opened communication with buyers since then (over 3 years ago for the first buyer). They were talking with buyers back before many companies even started doing rock chip samples on their deposits.

One of my points is, our management have every reason to be confident, because they've been working towards this for a number of years.