Quarterly Activities/Appendix 5B Cash Flow Report

Highlights.

• Integrated Springdale–Collie Mine to Market Scoping Study released in January 2024 demonstrating a world class development project
• One of the few vertically integrated graphite mining and processing operations planned within a single Tier 1 jurisdiction and targeting lithium-ion battery markets
• Study demonstrates Springdale will be a high grade, shallow, fine flake, multi-decade life graphite mine with low start up and operating costs and expansion opportunities - a perfect fit for the battery anode industry
• Battery testwork program completed in Germany with outstanding conductivity results for Springdale concentrates
• New micronising qualification plant successfully commissioned at Collie providing sample product for customer qualification and testing
• Cash at bank at quarter end of $1.0M with a further $2.0M due to complete previous government grant commitments
• $1.5M loan to major shareholder Comet Resources and control of the Comet Board

Events after the reporting period.

• More support from the Western Australian Government with a further $6.5M grant awarded to progress downstream processing in Collie
• Successful $3.0M share placement and launch of
• $1.0M Share Purchase Plan (SPP)

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