Ann: Investor Presentation, page-35

Hay Spid , I think Mike's done pretty well , Fully funded , on time & under budget , multiple graphite projects growth opportunities , down stream processing and further down stream processing , Black Craig drilling results and potentially massive Amani gold project , your ship still floating ?

GROWTH POTENTIAL SCENARIOS
• Excess spare capacity of ~ 23% in current plant utilization – No extra capex
• Modular expansion of existing processing circuits - low capex.
• Conversion of existing JORC resource (36mt) to reserves - low capex 1 .
• Near-mine drilling of known graphite occurrences – potential addition to mineral resource of 15 to 29mt of high-grade large flake graphite - low capex. 1
• Drilling on neighbouring licences (~ 20 km radius) - potential addition to mineral resource of 35-71mt of high-grade large flake graphite - low capex. 1
• Drilling of Kimoingan Project - potential addition to mineral resource of 22-72mt of med-grade large flake graphite - low capex – Standalone Operation – mid capex.1
• Processing of ~ 8mt of low-grade stockpiles at 6% TGC - no capex 2
• Downstream development of an Expandable Graphite plant - mid capex
• Further downstream opportunities - ?

AMANI - TANZANIA LIKENED TO THE LUPA AND MPANDA GOLDFIELDS TO THE NORTHWEST EXPLORATION ACTIVITY –A SYSTEMATIC APPROACH
✓ REGIONAL GEOPHYSICAL INTERPRETATION AND TARGETING COMPLETE
✓ REGIONAL REMOTE SENSING AND TARGETING COMPLETE
✓ BASELINE SOIL SAMPLING COMPLETE
✓ BASELINE STREAM SEDIMENT SAMPLING COMPLETE
✓ TARGET TESTING UNDERWAY – First assays in and being interpreted.
✓ FOLLOW UP – After the rains