Ann: ProGraphite Cooperation and Board Change with Appendix 3Z, page-34

The graphite market is incredibly opaque which is why it is paramount to have quality partners. EcoGraf's partners include; Thysenkrupp (offtake), Sojitz Corporation (offtake), TECHNOGRAFIT (supply agreement) & KfW (funding).

We are in the enviable position of having the highest quality partners, but even that doesn't make us immune to the challenges of the graphite market. There are challenges ahead but they are not as significant as those of our peers -- most have no idea how they are going to secure funding, meanwhile EGR currently has a KfW funding proposal before the Tanzanian government.

Given you appear to have an understanding of the graphite sector you probably also have an appreciation for the differences in the thoroughness & quality of the various graphite plays' feasibility studies. Sometimes the feasibility studies aren't always what they seem & I would urge folks to exercise caution, particularly when analysing companies that have only done labscale testwork.

P.s. do you intend to start a body for the graphite industry?