Ann: Change of Director's Interest Notice, page-12

Conidi buying, Spinks buying...not sure what you are worried about...things look pretty good to me...let's what happens next...but some things remain unchanged:

* KNL remains at #1 as most advanced and most realistic G project out there.

* You and some of your comrades continue to have sleepless nights re KNL CR's...totally unnecessary stress you guys are putting yourselves under, why - you ask? we'll how much do you think, if any, will KNL need?

* I think you know KNL has only ~270mil SOI...and Bank Finance possibly secured by Q1'19...if they succeed, then this will become one of the best investments that I hold in the Spec Sector. If they need to raise another 2-3mil$...what's the big worry? Can't say the same for your play I guess, so I understand the anxiety.

* Did you notice there is nothing under this Qrt spend on Development? If so, do you wonder why?

* The EV and Storage transition has commenced and it will not be stopped this time.

* Plenty of quality flake graphite will be needed gradually increasing from this year and going forward.

* KNL is very well positioned to play a major role in this transition.

* Non - China influence is one of the big pluses here.

* EcoGraf process is another big one.

etc etc...



PLUS



Equals

Very Exciting Business Opportunities.