Ann: Quarterly Activities Report, page-14

Matt, that's an interesting comment:

"A BFS may not be needed with a finance partner - especially with suvch a profitable mine"

Please feel free to correct me if I am wrong, but didn't the recent study show:

- 5.1% graphite
- 180K tonnes per year offtake
- 2:1 strip ratio?

Unless I've missed a zero somewhere, that means that MNS have to dig out 10.6 million tonnes of rock and ore per year. Yes, ten MILLION tonnes. And that ore has to be processed to 96-98% graphite. And all done with expensive diesel- powered equipment - no grid electricity.

Could it be that not everybody believes that can be done very profitably?

Could it be that there are just a few doubts about the capex and the opex? That they look just a tad too good to be true?

Could it be that those same doubts are a major factor holding back the SP?

Cheers,

Prime1