Embedded growth opportunities INTERNALLY FUNDED, LOW CAPEX OPTIONALITY.

1. RESOURCE EXPANSION AND CONVERSION
• Inferred Resourcescan be upgradedthrough infill drilling
• Exploration targetof 72Mt to 172Mt @10 – 12% TGC onsurrounding licenceareas

2. INTERNALLY-FUNDED GROWTH-POTENTIAL
• Zero capex to50ktpa (+10kpta)
• Minimal capex(~$3m) to 60ktpa(+20ktpa)
• Current plant has23% excess capacity

3. LOW Grade STOCKPILE PROCESSING
• ~8Mt of low-gradestockpiles at ~6%TGC over LoM
(average grade ofproducers)

4. Downstream OPTIONALITY
• Scoping studycompleted for anExpandableGraphite
Plant

I wonder if a $2m injection could be part of any of these.