We accept you are p i s s e d off with progress. What happened...

We accept you are p i s s e d off with progress.

What happened more than 18 months ago (i.e. Dec 2020 quarter or earlier):

• Agreement executed with Western Australian Land Authority over a 6.7ha Kwinana site with an option to lease for a 2-year period. This announcement was 28 September 2020 [so we need a lease announcement in the next 3 months]
• EGR had confirmed the intention to develop a 5,000t capacity that would then expand to 20,000t at the same site
• EGR had submitted detailed development reports and engineering study information to Export Australia
• Encouraging progress was being made on a US$35m debt funding agreement
• Financial evaluations completed (Annual EBITDA US$35m 42.4% IRR, Pre-tax NPV US$317m, US$22.8m capital for stage1, US$49.2m for stage2)
• Successful testing on multiple feedstocks
• Concept drawings for the facility that were basic functional factory boxes

What has happened in the last 18 months on Kwinana:

• Slower progress than shareholders would have liked but there is progress
• Detailed engineering design commenced by GR Engineering Services Ltd (8 Feb 2021 announcement)
• Institutional placement for A$54.6m excluding costs (12 Feb 2021)
• Achieving major project status (5 March 2021)
• Non-binding letter of support from Export Australia for US$35m (29 July 2021)
• Finalised regulatory permitting and approval studies regarding noise, air and bushfire management (19 Jan 2022)
• Commenced procurement process for key overseas long lead equipment (19 Jan 2022)
• Layout adjusted to reflect development of two main products and fines products (31 Jan 2022 Quarterly)
• Submission of the Works and Development Approvals proposals aiming for operational commissioning 1H 2023. (31 Jan 2022)
• Export Australia confirms funding for US$40m conditional on completion of stage 1 of 5,000t. (2 Feb 2022)
• Preparation for commencement of initial site works and installation of underground site services (29 April 2022 Quarterly update)
• Discussions with prospective customers in Asia, Europe and North America in relation to offtake, investment and product development opportunities (29 April 2022 quarterly)
• Update noting the project has received Project of State significance and providing a video fly-through. Public comments closed on 25 March (12 May 2022)
• Not managing to get approvals in the "typical" timeframe despite Major project status and Project of State significance status

Other developments that may modify what exactly is constructed within the plant:

• Achieving 99.97% purity on test work (27 May 2021)
• Achieving 20% yield increase (50% to 60%) (14 July 2021)
• Achieving 99.98% purity on test work (27 July 2021)
• Completed product qualification programme for a major anode producer (18 Oct 2021)
• Patent Examiner considers the Ecograf purification process as novel and inventive (8 Nov 2021)
• Agreement with FYI around HPA coating (24 Nov 2021)
• Production of GreenRECARB products [better value from fines] (25 Jan 2022)
• FYI enhanced HPA-doped coated spherical graphite meets technical specifications and outperformed standard product (9 Feb 2022)