Ann: Battery Minerals Arlington Pre-Daba Conference Presentation, page-3

Implies a debt-only solution???

"Lender" engagement underway ...



Balama project has been pushed back one year ...

2022 could be an appropriate point to insert Spherical Graphite toll-treatment revenue ( divert concentrates to production of toll-treated spherical graphite ).



Also gives time for supply shortages to play out ( as we know, a large number of Graphite projects in Africa are taking much longer than they planned to achieve Offtakes and finance). Look at KNL for example, they have been one of the most mature projects from a development perspective but easily 2 years+ behind their original intended schedule ). Similar situation with other graphite projects.