There are many reasons to favour FMS vs others, as stated on the BBs, with FMS being the only one having publicly stated a cohesive, value-add and de-risked strategy, that does not rely on commoditizing its superior base graphite deposit (s) and is focused on the higher ground value add, and transcends the cyclical issues associated with base metals and the general market (as we currently evidence). The recent PEA is 75% focused on the higher ground value proposition (who else has stated and independently confirmed such numbers – none to my knowledge). The NPV is excellent even after a significant discount due to its PEA nature. As we further receive the positive results of the infill and adjacent drill results (which are rumoured to run in excess of 30%), the NPV will INCREASE!!!! The drilling was completed in October and the results are are being assessed.

Planning and building longer term downstream and value add propositions is more complex and time consuming, than selling commoditized products, and thus can adversely influence target dates...but we remain on track wrt the general strategy and capitalizing on this significant opportunity. For example, we see very little information from the players in this space wrt the capital and operational aspects of purifying the material to 99.99% - the costs are quite high, triggering complex reviews and Plan A and Bs. Rest assured, FMS is quite informed and has multiple plans of attack to reduce such costs.