Ann: Sugarloaf Battery Anode Material Project Funded by CRC Grant, page-9

That's without considering Lacroma/Campoona, where they have got a proven flow sheet, just need to prove the resource.

Would expect an announcement on tranche 2 drilling of Lacroma any day now. Produce similar results to tranche 1 (where there was previously drilling) and we have a resource on 1km strike, but the total anomaly is 6km+ - they are drilling tranche 3 currently I believe, which is a km in the other direction. That's before you consider the eastern anomaly which is similar again.

These tranche 2 and 3 results will be very important, as if they are positive, the probability of a RNU scale resource significantly increases.

Have the advantage of permitted mine/processing site at Campoona, much more advanced than an exploration play. Campoona doesn't have the scale/mine life to justify the capital cost of the processing operation on it's own, but with a big Lacroma resource to develop?? Prove that and get the campoona mine underway and processing built and gives you time and $ to get Lacroma permitted and ready to mine when Campoona is done.

Plenty of options, just got to prove this resource at Lacroma.