Ann: Exceptional Vanadium Grades Confirmed at Koitelainen Vosa, page-131

Quick comparison with AVL feas.

"Metallurgical recoveries for the concentrator have been determined fromtestwork and indicate an average vanadium recovery of 44% for oxides,variable vanadium recovery with depth up to 87.8% for transitional andvariable vanadium recovery with grade from 76.7% to an expected maximumof 96% for primary material (for a grade of 1.5% V2O5)"

Given the shallow depth of this sampling at Koitelainen I would assume it would be oxidized. My calc on one sample is about 33%, which is not terribly far from 44% (although closer would be better).

Working out: sample R336 8.2m. 0.4% v2o5 = 4kg per ton, 51kg mass rec, 2.6% in conc = 1.326kg / 4kg = 33.15%

This is before proper metallurgical testing, mind.

Fresh rock vanadium begins with the Upper Chromite level, up to 0.7% v2o5, +PGEs @ 1.1g/t (historical), and the magnetite gabbro layer above it. This is deeper though, so a DSO operation with the surface stuff could get this show on the road, working to the UC layer later.