Ann: Updated Ore Reserve Delivers 17.9% Graphite Grade, page-142

ring fenced means stand alone. Additionally they were very positive in getting Chinese funding which was part of the fence and they did get an offer only it was a poor offer. Everything came to pass as anticipated except for the crappy funding offer. They then did the right thing and rejected it. We then had to wait for new numbers and DFS and here we are. The new DFS also demonstrates management have secured a transport deal and others and not sitting on their hands. I don’t see the problem other than time wasted waiting on a crap deal which could not have been predicted as a crap deal. Lindi is still ring fenced or isolated from the other projects and is standing alone for finance. Management are at advanced stage talks so they tell us for offtakes and finance.

Yes a little trust is required and at this point management still have mine.