WKT graphite update, page-8

The RAP has been completed according to recent announcements - the cost associated has not.

From what I understand the RAP once management sign off triggers an initial payment followed by timed subsequent payments over a fixed period of time.

No point signing it off until enough funding is locked in to begin shipping equipment to site and mobilizing people, plant and equipment. Sensible approach by Management.

Before they ship anything or mobilise we need the next funding announcement or we may even require a binding offtake agreement.

Wont be surprised if we see a binding offtake agreement with a sliding scale of commitment with a designated timeframe after the mine is built and into production, with most likely variable volumes of concentrate to suit client orders.

The MOU non binding offtake partners have been identified in past announcements and presentations.

Certainly has been a few other MOU non binding agreements popping up recently with our competitors. Demonstrates that the demand is certainly there and is being reflected by literally all the G plays out there in their announcements and presentations.

IMO if the offtake partners don't step up - perhaps we need to be looking into the G products and become our own customer and enjoy further upside on our concentrate supplying the end user.