General Discussion, page-1290

FYI is an ideal partner for EGR at this stage.

EGR will become one of the first ex China commercial SPG producers. The successful rollout of the Kwinana BAM facility will lay the foundation for expansion into Europe and North America - the key markets. Very hard to see EGR falling short of claiming a significant portion of the global SPG market.

Natural progression that EGR is attempting to capture a greater chunk of the downstream value chain in SPG coating. This is a very lucrative market and represents a serious value-add. As far as I am aware, most Chinese SPG is coated by Korean and Japanese facilities - IP is guarded closely. A thin carbon shell is typically applied by chemical vapour deposition (CVD) - atomic layer deposition (ALD), the technique mentioned in the EGR/FYI MoU, is effectively the same thing. Research has shown HPA to be very effective in a range of battery applications and this proposed HPA-carbon coating technology could prove a real winner.

Who better to have onside than FYI, who are at the forefront of a new green HPA production pathway. The soon to be signed JV with Alcoa speaks volumes as to the quality of the product and company.