Ann: Update on Mauritian Note Offer Process, page-23

Pel, I can't say that I agree. When they come out and say... "A number of alternative funding proposals were also presented to the Company during the roadshow and these are currently being progressed in parallel with the completion of the Note Offer process."That tells me that there is plenty of interest and why wouldn't there be? These investors can see the direction the world is going in, they understand the need for renewables is only going to increase. Only recently Jeff Bezos donated $10BIL towards climate change. This is a huge issue and graphite will play a large part, hence the predicted shortage. They understand that 10 x graphite is needed per lithium in batteries and they also understand we have a superior flake product in a project with exceptional economics. Remember our flake can be used across numerous sectors and all of stage 1 is already spoken for in binding offtakes, with more to be announced on the back of funding.

It is unfortunate that the timeline was so short and that has given people the opportunity to complain. I must say that when I first saw the proposed dates I was surprised, so I am not surprised that they have been extended. To be the first junior to raise funds in Mauritius via this method is not to be ignored, this is a path not travelled before so holders who aren't impressed need to take this into account. Those non holders sticking the boots in should find another hobby, they will have to find a new stock soon enough anyway once they don't have anything negative to say on the back of funding bedded down.

Which brings me to my next point, as a so called ''holder" yourself, you continue to pot shot, will you be taking your own advise and selling? Surely, you must think it's time, as you believe there is clearly no interest? I still am perplexed as to why you advise others to sell yet hold them yourself? I have still not had this question answered and I am sure there are others who are curious?