Ann: Talga Supersizes Graphite Amid Booming Battery Anode Demand, page-26

From my perspective, it certainly is a positive announcement. I suspect the lukewarm reaction is that many investors that follow Talga are aware that that the potential size of the graphite is significantly larger than the current JORC compliant resource. Today’s announcement essentially states Talga is conducting a drilling campaign to prove up this inferred resource to Measured & Indicated, which you need to be able to conduct a DFS on (not possible at DFS level to base your study on an inferred resource - it has to have more drilling).

As i mentioned earlier, i only see this as a positive step forward as i believe all of us are keen to see the company outline its plans to grow substantially from the 19,500tpa to multiples of this. We keep seeing the chart showing demand for anodes by 2030 will be close to 1 million tpa in Europe alone - so we are just a drop in the ocean at this point. This drilling basically sets the stage for TLG to expand beyond the 19,5000tpa and Niska 100,000tpa expansion plans even further. If the drilling is successful, we would easily have the resource to produce 300,000-500,000tpa+ which i for one am keen to see!

Of course all of this is subject to permits, but again by proving up the size, scale, grade of this unique resource will in my opinion only strengthen the case that Sweden needs to support this project for the EU to meet its climate goals.

Like all my fellow retail investors, we all suffer from a bit of fatigue waiting for the big announcement like a VW/NV partnership or even the JV financing with Mitsui & LKAB to get the ball rolling! However, as per Mark’s last presentation at the Paydirt Conference, I suspect we will see some of these “as they can go public” between now and Christmas.