Ann: Unaly Hill Vanadium Project Drilling Update, page-25

Very promising here, but I just wished that more exploration was underway at Kooline by now.

The more drilling results from other vanadium explorers come out, the more I realize that our main project is potentially Kooline. Unaly Hill is by no means bad, but for the 0.3-0.4% vanadium oxide grading group of mines, our tonnage is definitely towards the lower end. We are competing here against mines with 100s of mt or even into the bt.

I guess this drill hole will shed more light on my view. Results should be out within the next fortnight.

This is also why I think Kooline is more likely a company maker than unaly - and why it was allocated most of the exploration budget laid out during the last cr. South32's recent acquisition of a u.s zinc mine also shows that interest might soon be returning to some of the once-ignored base metals.

Am very keen for Kooline work to start.