Ann: Quarterly Activities Report, page-13

Reading back through the QTR report, I am surprised by the lack of coverage of Mitsubishi and the company's expectations to complete FID for the production of Active Anode Materials during this QTR,

The material terms of the MOU are outlined below:

Phase 1 - Toll Manufacturing Agreement
From the date of the MOU, MCC and MRC will in good faith progress the negotiation of the Manufacturing and Supply Agreement with the intention to execute the agreement prior to the planned FID in Q3 2022.

Phase 2 – Business Collaboration

(a) MRC will provide samples of MRC’s purified natural flake graphite and purified spherical graphite to MCC and MCC will conduct technical investigation and determine the qualification of such samples provided by MRC.

(b) After completion of the technical investigation conducted by MCC, MCC and MRC will negotiate and agree on the form of the collaboration for the commercial arrangement to co-operate and profit share in the commercialization, manufacturing and sale of active anode materials for sale to Cell Manufacturers in Europe.