Ann: Positive Stage 1 Feasibility Study Bunyu Graphite Project, page-12

This feasibility study details a realistic path to initial production, as a precurser to larger stage 2 production once global demand warrants it. To those that state we'll never go into production, the feasibility encompasses costs for infrastructure at the bunyu north site and the site access road, and open to the possiblity of downstream processing options later. In terms of announcements coming up, I'm not expecting bond funding to come through until all other approvals and offtakes are signed. I'm confident approvals will come through along with offtakes and we'll be in small scale production without falling on our legs like battery minerals did and without endless dilution/farm-ins and excessive debt