Ann: Agreement to develop graphene-based heat transfer technology, page-7

I'd also hope/expect the capital required to reach Graphite and Graphene production will be at least in part debt based as the project should be bankable. But we shall see I guess. Next milestone presumably is off take agreements. Dr Choucair has been steering things well. He is also nicely incentivised in-line with the rest of us with lots of performance shares.

Magnesite is a wildcard but not the focus nor required to make the other opportunities progress. It has been ready to go for almost two years as a short term path to cash, but the trigger is out of our hands.