Ann: Presentation to the Australian Graphite Conference, page-11

It's not that I don't want HXG to fail or anything like that. I know a lot about this market and it's projected growth. I also know that even in China before the consolidation of the graphite miners there was not a mine that is producing theses numbers of tons.

My suggestion to the board is they rethink their plan. It's over ambitious and not even staged to derisk the plant and development costs. This is a red flag to investors.

Please do your research on the whole market.

Not just Africa and Australia. There are deposits in Peru, Mexico, Canada, India, etc that are coming online..