Ann: Proprietary Purification Achieves 4N 99.99% Carbon, page-32

Not only are they not involved in downstream (which I'm sure you meant, Uni) but POSCO uses hydrofluoric acid in their BAM process!

Our peer is content with focusing on low-profit margins of mining graphite without adding value of downstream processing. EGR on the flipside is strategically positioning itself in the profitable downstream sectors of anodes, the crucial graphite recycling segment of the supply chain and, not to mention, green steel.

Interesting comment made about the waste stream from mechanical shaping! He states that the waste stream can be used for the carburising of liquid steel. Plenty of steel mills near our Merelani-Arusha project - no wonder our mechanical shaping facility is earmarked for that location.

Nice to hear someone state the graphite prices are coming off the bottom of the cycle now!

Thanks, Uni