Ann: Investor Presentation, page-457

Hi Spid81 this is from BMI a reminder that not all Graphite is the same…Lindi will go to the market with only 30,000 TPA locked away with the remaining capacity able to be provided end users at prevailing pricing…Expandable markets pay a premium where China historically provided this product and is not included in benchmark data…

You can see the distortion with Expandable markets being niche on much smaller volume but then being averaged into a pricing scale…BMI clearly recognised the difference in pricing and demonstrated this from slide 2 2017…

Lab scale qualification period for expandable graphite differs to that of highly sensitive battery markets unlike for battery which takes several years to validate…EGR are five years from scaling from Lab results to 5000 Tpa before they require another US$50 million for stage 2…

Let’s wait for the successful Lab scale results to be validated first though before being excited about the next US$50 million raise…

Anyhow I think your missing the point all together although you do give a good sales pitch…Already we have three times patents ready for commercial deals…These will come in the form of smaller volume batteries first (Drones ect) before the transition to the car battery anode composition made up of an 8% Binder,70% silicon and 22% Graphite…5000 km range…

POSCO have already indicated they will deliver new technologies in battery requiring silicon in 2023…Andrew Spinks confirming in the ER interview that go from Lab scale testing to pilot plant will take five years…Once one moves the others will follow

Do you have a plan B or is the demerger Plan B already in play…Some real concerns bring a project from Lab testing when the next generation battery is far superior offering offering a 5000 km range on a single charge…

Some good years left for those building a mine as the transition takes place…Maybe Lindi can provide the remaining 22% from for the smaller flake graphite moving forward.The graphite is suitable for making Graphene a highly sought after product for Nano development…

Regards Croc (Transformational year…