Ann: Investor Presentation, page-9

Bulk sample;

• Returned excellent results despite the plant not being optimised for Epanko material.
• Testwork currently being conducted on various regrind mills for small flake sizes (<100 mesh) to increase purity levels by flotation to further enhance.
• Cost and operating risk trade off assessed in light of increased operating risk of extra flotation steps against proven upgrading and established purifying methods at industrial scale.
• Robust testwork at an industrial scale lowers design risk and optimises equipment selection.

“Epanko has the advantage of flexibility due to high in-situ grade and flake size distribution”. The graph on slide 12 is well worth checking out. Keep in mind that circle will grow by 2-3-? Times once the new drilling results are announced.

Maybe KNL is taking a swipe at the market; “Banks won’t lend without realistic pricing and offtake partners”.

• Kibaran has made no “heroic” pricing assumptions in base case basket pricing assumptions.
• Realistic pricing has been used without further value capture of value added products (i.e. spherical graphite).
• Offtake is essential given there is no transparent intermediate market with acceptable payabilities for seaborne spherical graphite feedstock.
• Epanko base case pricing does not include value capture for sales into high growth markets such as spherical and expandable graphite.

Funding;

• Mandated debt finance providers – KfW-IPEX Bank + Nedbank. (KfW-IPEX Bank + Nedbank are happy with KNL using their name, on a regular basis! Sounds like funding is in the bag).