German Trading, page-20

Hi Wilma,

Does it really matter if EGR's announcement do not contain the FID timeframe,

If you read through all of the recent announcements, the company is moving forward as they have already made their decision to develop our first EcoGraf production facility in Western Australia.

We already have 40,000tpa of graphite feed secured under an offtake agreement,

We have the Australian Government's Export Finance Australia currently assessing our funding application for US$35mil. which is just under 50% of the total amount required.

In our most recent announcement (Capital Raising), the company details the funds will be used for the following;

Funds to be applied towards:
Development of a state-of-the-art EcoGraf™ battery graphite facility in Kwinana, Western Australia, including:
➢ Finalising offtake arrangements with priority customers in Europe and Asia
➢ Preparation of marketing and technical reports to support Government funding processes
➢ Securing lender approvals for the proposed US$35 million debt financing
Very interesting we are only looking at securing US$35mil, when we require US$72 mil, Are we likely to see an equity partner for the remaining funds?
➢ Pre-development technical programs and submission of Government development approvals
➢ Completion of engineering, procurement, construction and operations planning arrangements

IMO the company has already made the final investment decision, if the company had any doubts about our prospective offtake agreements or securing funding for Kwinana, we would be following the other graphite companies into gold.