Ann: Annual Report to shareholders, page-2

In summary, the 2018 objectives are: - Converting non-binding offtake term sheets to binding offtake agreements for 50% of Ancuabe production. - Appoint the Ancuabe Project Engineering, Procurement and Construction (EPC) contractor and owners' team consultant. - Obtain the Ancuabe Mining Concession and Environmental certificate. - Commence early works on raw water dam and Front-End Engineering Design (FEED) engineering. - Sign debt funding term sheets and make the final investment decision. - Commence full construction of Ancuabe with targeted production commencing in H2 2019. - Accelerate the development of the Nicanda Hill Graphite Vanadium Project through a joint venture or partial sale.