Ann: Talga Investor Webinar Presentation, page-40

Something not mentioned in comments that I can see thus far from the webinar was MT's detailed explanations of the qualification process involving automotive/battery/industrial customers. Explained the length (years), depth and intricacy of the requirements to just get on a supplier list, let alone get product, purchase agreements etc. Mentioned automotive qualification process is almost the same as aerospace industry in terms of quality standard. Also explained the need for the current anode production facility (and cash burn) as these customers need large volumes for their qualification programs (I believe he said hundreds of kgs? but in any case very large volumes).

As others have already said.... MT believing that the longer-term game plan has strengthened their bargaining position..... and then talked equity vs debt for funding. Seemed pretty obvious from his explanation that he passed on LKAB for the equity/dilution reason and is now in a stronger position with multiple agencies interested in debt funding (think green, ESG, low cost finance). Def a good explanation I thought (even if I wish he never said "on track" last year!)..... and gave exisiting shareholders a rap, saying we were "sophisticated" understanding the long-term requirements and trends.... and that finance/gov only just catching up to graphite being a critical mineral and willing to provide debt funding, hence the current options and DEBT being preferable to equity. MT still mentioned joint venture for further expansion (overseas I think was the hint) so still looking at partnership at some stage.

Defiantly sounded far more relaxed and confident than last year. Emphasised quiet time = progress and the 3 horsemen would be slain come early 2023.

All to the best of my recollection.