Ann: Presentation to the Australian Graphite Conference, page-13

I shouldn't be too negative, because the wording of recent releases has been very positive by management, and despite the fall in share price, they seem to be on the right track.

And the following was quoted in the 31 May announcement;

"... The Company’s objective is to be in production as soon as possible. It is planning to complete the FS
in Q1/Q2 of 2018, supported by committed offtake agreements and through Q2 have finalised
financing for the Project, which would enable construction activities to be advanced before the wet
season in late 2018... "

If they manage to achieve these goals in the specified time frame, it would be a fantastic result. I hope it can be done, and if so, it would be a brilliant effort by the current management.

Gw