Ann: Lindi Jumbo gears up for first graphite concentrate export, page-17

Good update, with plenty of info to anchor expectations on. With cost known, production needs to be around 12-15kt to become cash flow positive. One of the uncertainties going into the quarterlies is the sales situation, for large flake is somewhat of a niche product and to dislodge existing supply agreements you need to either present a superior product and justify it for end users to switch or be more price competitive, the former may take time and the latter is not ideal for revenue.

To put into perspective, the only other recent new graphite mine that came online, Molo in Madagascar, had 1 year of ramping up, still have not reached nameplate production of 17kt, and did not disclose any sales for the period (they did ship a batch for their anode partner but don't think even got paid for it), while WKT is on track to reach at least 10kt by end of July and actual revenue in the same month already, with pricing that's inline with DFS. This speaks about the differences in operating a battery grade graphite mine vs a coarse flake graphite mine.

The path is now clearer and increasingly confident.