Ann: Increase in Montepuez Graphite Reserve, page-4

Going back over announcements / presentations, CAPEX increased by about USD $10M. Look at differences in the presentations.

Also RCF were going to subscribe for USD $5M in the placement that occurred mid year. From memory when they pulled out of the finance deal they probably didn’t participate in the equity raise.

So that’s around USD $15M of the shortfall.

As part of the independent review they did revisit CAPEX.