Ann: Graphite Price Information, page-19

we are speculating after the finance and mining licence.

the other 100 around the world, dont have a nicanda hill Vanadium asset to be taken over with those de-risked development option, Ancuabe, and then come Nicanda West (ancuabe 2.0)

The issue is that if you were to JV Nicanda Hill, for both graphite and Vanadium, would you think about taking over the whole farm, and get an approved, financed Ancuabe to cash flow you further ?

How many of these other 100 scrap yard dogs have a NH ace in their sleeve ? or in Graphite friendly country, without the greens or others that would impede them?

The bottom line is, Ancaube permit and financed = real developer.

Look at the dilution BAT were going to finance, that destroyed any EPS. Thankfully for BAT holders that deal was canned.

You can point to the other 100 who remain on paper, and use that paper in the toilet if you wish.