Ann: Lindi Jumbo Project Update, page-4

Great to see Lindi Jumbo mine progressing so well without delay , well done to WKT management and crew on the ground.

PROGRESS TOWARDS DEBT DRAWDOWN Lindi Jumbo has received important concessions from CRDB Bank to enable an initial drawdown of the project debt. These include a reduction in the amount of the Standby Letter of Credit (SBLC) and the lowering of the minimum credit rating of the issuing bank, which increases the number of potential issuers. While definitive progress on the issue of a replacement SBLC is being made, there remain a number of important steps that need to be completed to enable the issue of the SBLC and the initial drawdown. Obtaining an independent view on the value of security available to lenders is likely to be an important milestone in the finalisation of the debt drawdown. The Company has engaged EY to perform an independent valuation of Lindi Jumbo. The report is expected in the next few weeks. It is expected that finalisation of graphite concentrate offtake arrangements will now occur prior to finalisation of debt drawdown. Lindi Jumbo continues to receive strong support from the Government of Tanzania. Several briefing sessions have been held with the Minister of Minerals, the Prime Minister and various government officials.

MINE DEVELOPMENT ACTIVITIES Since the last update the project has not recorded any lost time injuries (LTI) with the total days since the last LTI now at 206 days.