Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-42

Spot on.

Most recognise that it takes up to 10 –15 years to get any kind of modern project into production. Just ask Benchmark Minerals.

Renascor is on track to do it within 8 years having discovered Siviour in late 2016. That's despite now re-doing their DFS x 2 times which is of course to incorporate the bigger and robust BAM study for a downstreaming PSG plant.

Just having to fast track the graphite mine and concentrator part of the project, I think puts RNU going at a record pace and way ahead of any time schedule.

Also, I think there is no pressure to bring out a timeline when graphite prices have hit a seller’s market and Offtaker’s are banging down your door.

All IMO, DYOR, GLTA(patient)