Vanadium in 2019, page-98

PUR Grade Results Is Not Correlating with Geological Results:

PURannounced grades as calculated from concentrates taken from drill core as opposedto in-situ grades.

These grades look good at 2% V2O5 in places, but you need togo back to the announcement on 20-12-2018 to get an in-situ grade. These wererange of 0.4% to 0.7%. This is not Accurate to call these high grades.

Further,this is a primarily a magnetite (iron) orebody with a smattering of vanadium(not uncommon). Is it going to be economic to mine the magnetite to recovervanadium? This is another example of the rhetoric in an ASX release which not correlatingwith geological results. PUR mine and processing cost won't be commercially viable. 

AVL results are accurate, pursise, correlated with all other drill samples. AVL= Great team & great project.