Ann: Tanzanian Government Update, page-21

My feel is we are priced about right for now. But not for long.

Lock in the remainder of Module 1 offtakes and finance and I think you are looking at a mid 30's sort of market cap being justified (which is also where the big weekly chart cup and handle target lies).

On top of that, any sign that module 2 demand is near term and I think we head to 50, just partly pricing that in.

I can see all that panning out in as little as a few months. Quicker if the market starts anticipating all this. And especially if the African development finance deal and offtakes fairly swiftly follows the Tanzania FCI agreement.

There is a rational, news based price path for that in a few months. Everything happens quick if the market starts getting confident with progress, and prices in more of the upside sooner.

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Beyond my shorter term 35c and 50c targets the ongoing upside comes as module 2 firms up, presuming Module 1 construction etc. goes well.

With MUCH more upside again if modules 3 and 4 begin to look like being confirmed.

Plus any upside from firming graphite prices.

10x

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All IMO and DYOR