Pre-Feasibility Study Completed

• Pre tax NPV of US$1.31B, 87% IRR and pay-back of 1.4 years based on 22-year mine life. • JORC Mineral Resource Estimate update of 461Mt @ 4.9% TGC • Maiden JORC Ore Reserve of 127Mt @ 4.4% TGC • Forecast annual production of 170kt/y of graphite concentrate, with non-binding MOUs for 100kt/y from three China based end-users • Blended basket price of US$1,684/t against US$536/t OPEX (FOB Mtwara),