Ann: Quarterly Activities Report, page-7

Hi Names Little, our thinking is TON has taken a position in RBR from a strategic point of view to firm up and have some say in future supply dealings with RBR. TON may even take a larger position in RBR as TON gets closer to production.

The largest shareholder in RBR is Athol Emerton, managing director of LBH South Africa (http://www.lbh-group.com/lbh-offices/africa/lbh-south-Africa). A connection to LBH would be useful as TON secures shipping space in the future for the tonnes of high quality graphite to be sent to China and elsewhere.

The $100K investment in RBR made in July 2015 was not considered material by TON as it was not mentioned in "After Balance Date Events" Note in the TON 2015 Half Yearly Report released on 11 September.

Please DYOR.