EVION GROUP GENERAL DISCUSSION, page-1306

The "Planned Activities" from the recent company presentation (see below) would presumably have to be described as "forward looking statements". This means that whilst they are not "guaranteed", they are considered by the company to be "reasonable".

So does that mean that it is likely these things will be achieved or is it merely carrot dangling BS with a disclaimer / escape clause???

For me, the answer is very simple... it is the former - that is, it is likely these things will be achieved - IMO there is clear evidence that we are closer than ever.

Here's why IMO... (references to each numbered activity)...

1. The PGT plant is already fully operational with both Feedstock (raw material supply) and Offtakes (sales) secured. The plant was strategically built with sufficient space to accommodate the doubling of production with Phase 2 expansion. The EG market is strong and growing with solid price performance.

2. The appointment of Lydia Boarlaza (and other experienced in-country staff) coupled with the adoption of the new Mining Code in Madagascar (and the motivated Ministere des Mines) is set-up perfectly for fast tracking of our long awaited approvals.

3, 4 & 5. Clearly these should progress swiftly once Activity #2 is achieved. Ex-China graphite offtakes are happening on a regular basis and FID then becomes a fait accompli .

6. "Ongoing Development"... well, to be fair, that could mean anything.... but given the potential for EU funding (finance / grants - motivated by EU wanting to sure up supply chains) and offtakes AND the successful Scoping Study being already completed, I am confident that we will progress towards a Feasibility Study fairly soon.

What is our likely MC if all of the activities are ticked off by the beginning of 2025????

Have a good weekend... good luck to us all.