Without covering all the detail will cover the highlights. DF is...

Without covering all the detail will cover the highlights.

DF is a great presenter and the audience was certainly engaged/interested. Was actually the most engaging presentation and this was clear from the level of audience attention. DF did a great job pitching the BAT and the more general EV / graphite / demand growth thematic. Also took great care in explaining Mozambique from an investment perspective ( government is supportive as well as the communities, DF also proud of the work they are doing for - for community and providing jobs, etc ). Have approvals, port allocation. USD $14.5M in works already completed. Key infrastructure done - roads, camp, water storage, tailings dam ( emphasised the engineering aspects, suitability of location ). A video was shown at the end ( this was a drone video done by Hartleys ).

Port has capacity for expansion ( quite a bit of spare capacity but also port authority only needs to extend jetty 50m for deep water suitable for very large tonnage bulk carriers ). BAT have also done studies for expanding Montepuez to 100kt and think it can be readily expanded to 150kt pa.

COO - Ben - was in commissioning team for two Lithium Projects in Australia, before that GM for Mineral Resources, before that head of rail for Rio Tinto. Strong experience for a project ready to be built and put into operation.

Chief Counsel - Naomi - was CEO for Anglo American in Mozambique so very familiar with government processes and operating mines in the country


On finance - In talks with 7 banks - seems to be 4 in South Africa and sounds like 3 in Europe. Sounds like BAT have the termsheets. Equity will likely be a part of the funding mix ( also implied by previous investor presentations ). Completion of any funding package is primarily driven by timeframes for banks to do documentation ( a legal process and this takes time ). Site visits have been done - banks & brokers attended. Hartleys created the drone video that was shown.