Ann: Quarterly Cashflow Report, page-2

Quarterly Highlights:
 Relocation Action Plan for Epanko is well advanced, completion due current quarter
 Significant progress made on pre-development activities at Epanko
 Study on increasing Epanko’s capacity from 40,000tpa to 60,000tpa due current quarter
 Feasibility Study on downstream processing of Epanko graphite to produce lithium-ion battery-grade graphite is well advanced, with test work and equipment selection completed
 End-user test work on battery-grade graphite samples exceeds analytical specifications