Ann: June Quarterly Activities Report Presentation, page-136

There would be a number of parties interested in grabbing Syrah - either on their own or in a joint vernture.

South 32, Glencore, Tesla, and even battery makers. or a Car Maker from Europe or Japan.

At 40 cents I am surprised this has not occured yet - maybe it will come in first half of next year when the dust settles on Covid 19 and a vaccine is up and running.

This may explain why Mr Shaun Vernor wanted stock options but at a very low strike price of 43 cents - terrible for shareholders. Should not be allowed under the Corporations Law if the strike price is lower than the rights issue price he has asked shareholders in the previous 18 months.

Anyway, my make on this is that this is the boards strategy. Another 3 quarters and the cash balance will be dropping to dangerously low levels. Perssure will really on to deliver on the very first quarter they return to production - such as getting the recoveries up to 80% and also the portion of flake to 20% or a 25%. This will be crucial in preventing more cash burn. Also, the volumne is critical. Car Makers and Battery suppliers will now be seeking to get graphite from outside China to reduce the dependence on them. They clearly need some offtake agreement from 1 or better 2 big players, and 100,000 each. And obviously at higher prices.

And if a taekover does come? Well I am sure the board and Australian Super will have a strategy to ensure maximum price tension by inviting many bidders. And I bet they will want at least $1.00 or better still $1.30 to $1.50. It is worth at least $1.30 and better still $1.50. IF they buyer has a 15 to 20 year time horizon (as they should) and the mine has 50 years of reserves (plus donwstream business and Vanadium opportunities) I certainly think it is worth that.