Ann: Lindi Jumbo and Gemcorp execute final US$20m debt facility, page-121

Living in denial...There are no other words for it. Debt funding was only achieved from the advanced stage of the project and progressive development which is now at around 80% complete...The CRDB standby letter of credit confirms this. Any suggestion that Lindi debt funding paves the way for others is a denial of facts...Most Graphite projects demonstrate poor economics and a higher economy of scale to demonstrate profitability. After following the Graphite space for several years, the higher Capex projects only offer hope...The reality is not being told while BAM facilities mask the true economics.

Today's announcement is a great achievement from management, long-suffering shareholders have much to look forward to... Forget the down-rampers with biased negative opinions. Let them have their opinions as we have much to talk about, from ongoing construction to commissioning only months away to achieve what no other peer has been able to achieve, although the discovery of Lindi was late, the project screamed of high free cash margins lower CAPEX and lower ROM costs...Not a bad effort in my book, and then to know they did this the hard way to avoid unnecessary dilution...

Yes, Guys while we have all made sacrifices for this day where the rewards will be far greater than the pump-and-dump system in the long run...First-mover advantage over unfunded projects enhances the company's credentials moving forward...It's an enormous advantage the project now has... Who wants a dividend stock..? I do...$$$ That's always been my goal and why I will be holding longer-term...Organic growth and first-mover advantage are now a real possibility...Line of site should open the door to more off-takes agreements so keep watching this space. Keep in mind super jumbo and fines... Both are becoming more valuable daily...China moving to ban exports while Western nations secure a reliable supply with certainty...The project is ticking many boxes...

Beware of BS...Gemcorp did not require a frame work agreement...

Regards Croc ( First mover advantage...) US$1200 free cash margins per ton product...