Ann: Offtake and finance due diligence update-GPX.AX, page-14

I'm not concerned at all by the apparent delay in formalising an agreement.

The recent talk of an agreement being confirmed by 31 July was coming more from us punters on Hotcopper than from the company itself. The actual announcements from Graphex never set an expectation of an offtake agreement this soon. If you pour back over IXR announcements, then yes, when the MOU was first announced (1 Feb) there was the suggestion that an agreement was expected by the timne the six month exclusivity period ended. However ever since Graphex listed, talk from the company has been more guarded and conservative.

In the letter to shareholders (14 June) as well as the initial corporate presentation (15 June), the guidance was that they expected the agreement "within months of listing". With Graphex listing on 14 June, one might reasonably expect an agreement to be from mid-August to mid-October (that would be between 2 and 4 months from listing. I'm guilty of hoping that it may have come through sooner, but I don't think that Graphex management have misguided us at all.

All indications are that the deal is proceeding well, so we can only top up in the troughs and look forward to more highs. And when the agreement does come, those highs will be very high indeed. Good luck to all holders!