Relative value

Having been ashareholder in this company for a very long time (since the Uranex days), imothis is the best position the company has ever been in, yet the value (marketcap) is considerably lower than in past history.

In 2016, shareprice climbed to around $1 and market cap was around 700m, there was one keypositive:

• World class Nachu graphite mine.

Now 5 yrs later,the share price and market cap is less than half previous levels, but so manymore positives:

• Still have world class Nachu graphite mine
• Have strong expertise in lithium-ion battery manufacture
• NY Gigafactory moving into production with hundreds of millions of dollars in contracts
• Potential for Townsville Gigafactory in the future
• iM3NY in final stages to sign a mandate to begin US listing process
• Worldwide trend accelerating to green energy and ESG investing
• Recent investment by John Hancock (Gina Reinhart’s son) is a massive endorsement

On fundamentals,those with patience likely to be rewarded.