Magnis Energy Technologies Ltd. provided an update on activities from its wholly owned Nachu Graphite Project located in South-East Tanzania. Several key items have progressed in recent months which are key for the advancement of the Nachu Graphite Project. Nachu Resettlement Eco-village: Over the last few months, the construction of the resettlement village has experienced major progress with the overall completion rate now above 60%.

It is expected that project completion and final handover will be achieved in November 2022. Recently, the following tasks were completed or progressed: Construction of the display house; Substructure for all the houses; Plastering of internal and external walls; Roof Trusses; and construction of kitchens and water tanks. All houses will have solar panels and there are future plans to build a battery storage system using batteries produced by iM3NY.

Planned Site works: Quotations from shortlisted contractors for the construction of a Storage Water Dam (SWD1) have been received. This construction contract will be awarded shortly with works commencing shortly thereafter. SWD1 is part of the overall site water management system and is being constructed early to ensure adequate water supply in addition to the borefield for construction needs.

A design contract is being finalised with a Tanzanian consultancy to complete the design of the Tailings Storage Facility (TSF) and submit the design for approval with the relevant Tanzanian Authorities. Knight Piesold Consulting's Johannesburg office completed the initial design for the project in 2016 and will continue to be engaged by Magnis to work with the Tanzanian Consultancy and bring their wealth of international experience in Tailings Dam design to ensure the dam meets international design standards. Nachu Feasibility Study Update: Ausenco Services Ltd. were engaged earlier this year to complete an update to the 2016 Feasibility Study into the Nachu Graphite Project.

It is expected that the results of the 2022 Feasibility Study will be released to market by the end of the month.