Ann: Managing Director's AGM Presentation, page-81

Address from the Chairman and CEO Mr Verner was again full of vauge generalisations - very light of specifics and firm committments - convenienet they have the Covid 19 virus to hide behind.

Mr Verner did say that they have a better undestanding now on the geology and processing of the graphite from the mine.

One can only hope from reading that, that they may be able to finally lift the proportion of fines to flake from 85%:15% up to 80%:20% or even better 75%:25% - may even by December finally hit the target the previously told us they would achieve (in order to get higher overall pricing per tonne) to the 70%:30% split.

This, along with increasing demand will be key to getting the average price per tonne to US$580 or above. Then they can stop the cashburn.

Interest from USA and EU to undwind the total reliance on China may help too. If US government comes to the party and provides a loan of US$25 to $50 million to develop the plant in Louisiana - share price should track up to 50 cents by late October 2020. And a takeover target??

It most certainly would be in the sites of someone who wants such an asset. Long term >20 years, avergae price paid of $1.40 is still cheap for it.