Ann: Offer Booklet and Presentation, page-2

Nice september 2017 presentation with new info, we have now (page 19) an estimation of operating costs per tonne. THey intend to produce 500 tonnes per month at 180.000$ per month total opex, which provides us with the number of 360$ per tonne operating costs. That is unheard of in the graphite business, well below average chinese costs (500$ per tonne) for a superior product (80mesh+ VS 50mesh+). IMO these are not all-in-sustaining costs and do not include adminsitrative costs, but still very low operating costs per tonne. Very impressive.

SOURCES OF FUNDS

Cash and Receivables as at 31 August 2017 A$1.1m
Placement Proceeds A$3.0m
Entitlement Issue proceeds A$2.5m
Deferred Placement A$0.5m

Total Cash and Receivables A$7.1m

USES OF FUNDS

Final Payment to Stratmin A$0.5m
Remaining Graphmada Capex A$1.4m
Graphmada Opex (5 months @ A$180k) A$0.9m
Exploration Andapa / Millie’s Reward A$0.5m
Corporate Expenses A$0.7m
Working Capital A$3.1m

Total Uses of Funds A$7.1m