Armadale Capital Plc is now advancing its FEED study which includes geotechnical studies on the plant and tailings dam locations, with final design of the tailings dam and detailed design to be completed. In addition, a ground water study has been initiated to facilitate the development of production bores. The company has continued to engage with international and local contractors to develop strategies in regard to the construction and implementation of the project. Final alignment of the site access route is being developed which will allow final design work to be completed. Mahenge Liandu Graphite Project established as a large, long life graphite deposit capable of producing high quality graphite concentrate for the rapidly emerging EV market through optimised Definitive Feasibility Study ('DFS'): High-grade JORC compliant indicated and inferred mineral resource estimate of 59.48Mt at 9.8% TGC with outstanding purity of up to of 99.99% TGC achievable using conventional treatment; USD 985 million pre-tax cashflow to be generated from initial 15 year mine life utilising just 25% of the resource, which remains open in multiple directions offering significant further upside; Estimated pre-tax NPV of USD 430 million and IRR of 91%; Average annual production of large flake high-purity graphite of 109ktpa. Low cost, fast-tracked production to be delivered through staged ramp-up: 60,000tpa graphite concentrate to be produced for the first three years (Stage 1) before increasing to life of mine average of 109,000tpa (Stage 2); Low capital cost estimate - Stage 1 is USD 39.7 million, including contingency of USD 4.1 million or 15% of total direct capital cost with 1.6 year (after tax) payback period from first production based on an average sales price of USD 1,112/t; Stage 2 expansion to be funded from cashflow.