Ann: Updated DFS Confirms Standout Graphite Project, page-146

Oznt great presentation today and possibly Walkabout Resource most detailed one to date. Detail that I have not been able to find since the resource was updated, is the strip ratio. We can determine the robustness quite well but to be able to bring attention to the actual dirt being moved is not being demonstrated. Previous strip ratio 3.3:1 that is 3.3 tons of dirt plus 1 ton of feed grade also refereed to as head grade. 4.3 Tons shoveled for 1 ton of feed grade...

Feed Grade at crushing point front end of plant 270,000 TPA giving 40,000 Tons of concentrate with 230 ton's to tailings...



This flow chart is one that should be ran more often as many do not understand the amount of dirt being moved at low TGC operations.

Strip ratio 3.3:1 @ 17.9% TGC for 40,000 tons PA

270,000 Tons x 17.9% TGC @ 93% recovery =45,000 (rounded up)
270,000 x 3.3 of dirt with 1 ton of graphite shoveled =1,160,000 total shoveled
(270,000 x 3.3 tons of dirt ) = 891,000 dirt shoveled

Cut off @ 10% TGC for reserve stock pile distinguishable from dirt at possible average grade 6% TGC free dig...

The lower TGC grades and low strip ratio contribute to more dirt being moved for less pay dirt. Plant size is increased as twice the tons are required through plant.Higher ROM with higher capex.

Strip ratio 1.4:1 @ 5% TGC for 40,000 tons PA
800,000 x 5% TGC for 40,000 tons PA
800,000 x 1.4 of dirt with 1 ton of graphite shoveled=1,920,000 total shoveled
(800,000 x 1.4 tons of dirt) = 1,120,000 low cut off most straight to tailings no free dig



So many variables including basket price ...Moving way less dirt at right size concepts aligned with NPV for current demand...

Croc