Ann: Kwinana Supply Agreement, page-25

Hi Natos,

Just out of interest, what feedstock do you think Sojitz Corporation is after from Epanko?

I will give you a hint, they require 10ktpa and they are looking at using it for the lithium-ion battery market.

According to the companies announcements, Ecograf requires -100mesh graphite feed 94% TGC,

If you read through the companies BFS, you will see Epanko will produce around 15% of -100 mesh that is suitable for the ecograf process. (table below)
Epanko production 60,000tpa x 15% = 9000 tpa

I see three issues with your down ramping,

1. it appears EGR already has an offtake agreement for the mesh Graphite.
2. Epanko was never going to produce 40,000 tpa of -100 mesh required by EcoGRAF, they were always going to need to buy third party supply.
3. The offtake agreement clearly states the company can buy up to 40,000 tpa which IMO allows for Ecograf to use the feed they have forecast from Epanko provide it isn't already under a binding offtake agreement.