Firstly, let's recall our Managing Director's (Tom Revy)...

Firstly, let's recall our Managing Director's (Tom Revy) response to the panel host when asked about future pricing...

"It's difficult to say."

Now a quote, again re pricing, from George Miller (Senior Price Analyst at Benchmark Minerals Intelligence - BMI) interviewed a few months ago re 2025 graphite outlook...

"While I can't give maybe exact price forecasts - definitely higher than today"

Okay, not very helpful so far? How about our supply agreement with Technografit for the Panthera JV...



???? Still not helping. If we can manage some loose wording like this it could be beneficial for future pricing but could it be detrimental to financing? I think this wording could be optimised with fixed minimum and maximum amounts - e.g. using the weighted average from Maniry DFS ($1300?) setting a minimum at 110% ($1430) and a maximum at 150% ($1950). This would provide some security and confidence to us as supplier, to offtake customer(s) and to financier(s).... The obvious potential downside to any price fixing is - what if graphite does do a Lithium and prices actually increase by 200% then 300% then 400% and more.

Who really knows - the experts aren't sure, so what hope do us plebs have lol.

Luxcarbon were pivotal in securing the graphite supply from Technografit and the OA for selling to Grafitbergbau re the Panthera project.

Luxcarbon will remain heavily (exclusively?) involved through the Graphite Supply & Marketing Agreement signed in February 2021... "The terms of this agreement are for 3 years with the ability for the parties to extend this by mutual consent".

BMI figures are used extensively throughout the industry. Fair to assume their "market price" updates will be heavily relied upon moving forward.

Urbix will have other suppliers online in front of EVG. These supply agreements will govern what we can achieve with Urbix IMO.

So to conclude, I will revert to the words of our MD - "It's difficult to say"