Ann: Merelani Upgrade Paves Way for PFS, page-2

 43% of Mineral Resource estimate increased to higher JORC classification of Indicated Resource
 Completion of Epanko BFS supports proceeding to complete a Pre-Feasibility Study (‘PFS’) for its 100% Merelani East Graphite Deposit 
Terms of reference for PFS will evaluate replicating the Epanko plant and expansion plans 
Metallurgical results demonstrate the Merelani East Graphite Deposit is premium quality 
Graphite suitable for the battery market and exhibits extremely high crystallinity with an ash melting point of 1,451oC, ultra-high purity of 99.98%C and high flake distribution of 79.8% greater 106 micron 
Offtake and sales interest received for Merelani graphite supports the Company’s view the graphite end market is seeking diversity in supply  
Excellent access to infrastructure - 380km to Tanga port and 15km to grid power  
Merelani-Arusha Graphite Project now registered with National Environmental Management Council