PERMIT APPROVAL$$$$$$$, page-26

Its very difficult to predict the mine permitting date.
But I don't believe Permitting will be approved this year.

The following companies mine applications has taken many more than 2 years. Talga only submitted application in 2020.

Boliden, Bluelake Mineral, Beowulf Mining, Leading Edge Minerals, Cementa and Botnia Exploration.

A current example is the mining company LKAB's, which in October last year had its application to mine iron ore in Kiruna rejected by the Land and Environment Court. An application that the company worked on for seven years.

Since 2014, the metal company Boliden, which has mines and smelters, has been fighting against the authorities to start a copper mine in Laver in Älvsbyn municipality in Norrbotten.

Beowulf first applied for an exploitation license for Kallak in 2013, and in 2015 Sweden's Mining Inspectorate recommended the government award the concession. However, the company is still waiting for the authorities to make a decision.

I decided to de-risk myself from the initial permitting risk. Sweden don't even have one graphite mine today. Sweden only approved one new mine in 10 years after lengthy court battle (Botnia Exploration). Not going to bet that Talga is going to be Sweden's second new mine in 10 years.

Rather hold on to my capital than finding out in June permit has been denied. Or is granted but the decision is being appealed.

One thing to remember Syrah Resources was 630 Million Market Cap when they only had the mine permitting. And they have 15 times more graphite than Talga. There is no cap on how much they can mine and there mine permit is until 2038. Open pit mine with 50 years of mine life. Telsa have given them until 2025 to get there AAM product right. That' shows it takes long time to get Anode product requirements right.

So I don't buy into this FOMO of missing out.

So I don't believe I will miss the boat on news about permitting to mine only 100,000 tonnes of graphite ore per year. Its really a small mine approval considering Talga resource is 55,3 Million tonnes.

The big increase in Share price will only come later. Many boats still to catch.

• 19.5ktpa Binding Customer Agreement.
• 84ktpa Feasibility Study.
• 84ktpa Niska Mining Permitting Approval.
• 84ktpa Binding Customer Agreement.

If Talga gets the first mine approval. I will possibly get in then, depending what the Swedish government says and if the Sami people or other party appeals the decision. Could end up with no decision for years like Beowulf.