Tanzanian Mining Commission Formation, page-8

Todays announcement by MNS is about the SEZ

From the release
Processing Plant
"Ownership of processing plant in SEZ • Ownership of utilities including power plant located within the SEZ • Ownership of warehouse and port storage facilities • Graphite rock crushing, grinding and flotation circuit operations for concentrate production • Operation of purification operations for high purity graphite production • Processing of high purity graphite to make value added products for applications that include lithium ion battery • Marketing and export of products Capital Expenditure: • ~US$230 million Incentives: • Tax and duty breaks • Full ownership by Magnis • International arbitration • No restriction of retaining earnings outside of Tanzania"

In other words what we are calling our downstream processing plant which we are piloting in Germany at the moment .

Their Mine
"Uranex will operate under the laws and regulations applicable to the country’s mining industry under the Ministry of Minerals (previously Ministry of Energy and Minerals). The impacts of the amended SEZ on Magnis Tanzania subsidiaries Uranex Tanzania Ltd (Uranex) and MTT is tabled below. Uranex Tanzania Magnis Technologies Tanzania Government Jurisdiction: • Ministry of Minerals Government Jurisdiction: • Ministry of Industry, Trade and Investment Scope of Operations: • Ownership of mining license • Establish mining quarry to deliver ore to SEZ and includes operation of mining pits and waste stockpiles • Contract mining operations Capital Expenditure • ~US$40 million Scope of Operations:

In other words their mine, like ours, is waiting on the Mining Commission to establish, they will still be subject to the same rules and regulations as everyone else....they still need to get licence ...they still need to fund it...they still need to build it.

The "our processing plant will take graphite from other Tanz graphite mines" is an interesting statement and is no different from Andrew Spinks saying that our processing plant will be able to take graphite from others to process.

That said it is good news for them as clearly one Ministry is keen to get the Graphite sector up and running. They also have got clarity on how a processing plant is likely to be treated outside the framework and rules of the Ministry of Minerals...so expect KNL to be glad they have seen some clarity in respect to the future Tanz based downstream processing plant.

All good news....for everyone in the Graphite space in Tanzania . Getting a lot of eyes back to Tanzania and a lot of eyes back onto Graphite

Next is the Mining Commission......hopefully the 14th of March is a true date for the Commission. It has been way way too long for everyone to wait.