Dear fellow Kibaran shareholders

EcoGraf Limited

At our 2019 Annual General Meeting we will seek to change our name to EcoGraf Limited to clearly reflect our strategy to be a preferred partner for the long-term supply of responsibly produced, high quality natural flake and battery (spherical) graphite products.

In the last 6 years we have invested over US$25 million to create two highly attractive graphite businesses that are ready for development and which will enable us to serve our existing and prospective customers throughout Asia and Europe. A key part of this journey has been the identification of a unique eco-friendly graphite purification technology for which we have lodged a global patent and which underpins our commitment to provide customers with competitively priced, superior products that support their business requirements for more sustainable supply chains.

Our new name will provide clear brand recognition in these markets, particularly in the manufacture of anode materials for lithium-ion batteries, as part of the massive investment underway globally to transition towards renewable energy for vehicle and industrial applications.

In natural flake markets, our Epanko Graphite Project is differentiated by its Equator Principles development model, receiving sign-off from Independent Technical Engineers SRK Consulting (UK) on all technical aspects and achieving compliance with International Finance Corporation Performance Standards for social and environmental planning and also World Bank Group Environmental, Health and Safety Guidelines.

As recently reported (refer ASX Announcement Epanko Debt Financing Update on 12 September 2019), following Ministerial meetings in Tanzania, we are confident that resolution of the legislative issues delaying debt financing will be resolved now that the Barrick Gold Corporation Scheme of Arrangement has been approved and it has reported reaching a partnership agreement with the Government on its future operations in Tanzania and the formation of Twiga Minerals Corporation.

The Epanko development principles provide assurance that our natural flake graphite products will be efficiently and responsibly produced for the benefit of all stakeholders, making a long-term economic contribution to social and industrial development within Tanzania.

Within battery (spherical) graphite markets, our unique purification process that eliminates the use of costly and highly toxic hydrofluoric acid underpins the planned development of our first purification facility just south of Perth in Western Australia. Positive feedback from prospective customers and partners is very encouraging as the importance of sustainable and eco-friendly supply chains grows and our new name will provide improved recognition for our planned products in these markets.

We look forward to shareholders' attendance at our Annual General Meeting on 29 November 2019 at the Celtic Club, 48 Ord Street, West Perth, Western Australia at 10:00am (WST) and hope that you will vote in favour of the resolution to change our name to EcoGraf Limited.

Please also find attached an overview of our Company's business review which formed pages 2-13 of our 2019 Annual Report and which provides a detailed overview of both our graphite businesses. For further information, please refer to the Annual Report announced to ASX on 25 September 2019.

Yours sincerely,
Kibaran Resources Limited

Andrew Spinks
Managing Director
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