Ann: PEPR Lodged for Proposed Siviour Graphite Mine, page-30

This is making the same mistake I made the other week and not taking into consideration only certain flake sizes (the smaller ones) will be sent to the PSG plant. In Siviour's case, about 70% of flake sizes will be ideal for PSG production.

'The 1.65 million tonne per annum approval sought pursuant to the PEPR relates to the volume of ore processed from the proposed Siviour
mine through the adjacent processing plant. Pursuant to Renascor’s proposed mining plan, this would result in up to 150,000 tonnes per
annum of Graphite Concentrate production at full capacity. See Renascor ASX release dated 11 November 2019, page 40. Renascor has
previously announced plans for a staged start-up at Siviour, starting with an ore processing capacity of 825,000 tonnes per annum and
Graphite Concentrate production of up to 78,000 tonnes per annum in the first of a two-stage expansion to 1.65 million tonnes per annum
of processing capacity. See Renascor ASX release dated 11 November 2019. During this first stage, 60,000 tonnes per annum of Graphite
Concentrate would be used as raw material feedstock for Renascor’s planned downstream battery anode material manufacturing operation
to produce approximately 28,000 tonnes of Purified Spherical Graphite per annum. See Renascor ASX release date 1 July 2021. As a result
of increasing interest in Siviour Purified Spherical Graphite from existing and potential offtake partners, Renascor is currently evaluating an
expansion to the initial, Stage One production of Purified Spherical Graphite and an additional Stage Two production capacity of Purified
Spherical Graphite. See Renascor ASX release dated 1 April 2021'

Just my take on things.

GLA