Ann: TanzGraphite Expansion Options to Support Market Growth, page-50

Did anyone else notice that this annoucement ended with a Forward looking statements declaration. Most of the EGR annoucements have ended with the same "About EcoGraf" blurb. That was also there, but it was followed by the forward looking declaration and its associated affirmative statements. This affirmative statement wasn't on just one area, it was a broad set of confirmations on the following five areas:

• Epanko's Mineral Resource
• Epanko's Ore Reserve
• Merelani-Arush's Ore Reserve
• Epanko's bankable feasibility study and
• Kwinana

That's a big set of forward looking statement declarations that Andrew Spinks has just signed off. Its also interesting that a Tanzania related announcement contains a forward looking statement around Kwinana. My guess is that AS considers making these forward looking declarations will in some way assist one or several of the negotiations going on in the background. Given financiers like security and cashflow, it could be related to progressing negotiations for Epanko and these financiers wanting to get security over projected Australian based assets/cashflows.

The 5 November 2020 included a lot of material including a development schedule timeline, 10-year annual cash flows and 10-year EBITDA (Nominal) forecasts. My reading of it is that this announcement has confirmed these earlier estimates have not materially changed in the last year and a half. Hopefully we get the next key step on the timeline soon - commencing stage 1.

The Kwinana affirmative statement within yesterday's announcement was:


The Epanko Bankable Feasibility Study affirmative statement included in the announcement was: