Ann: Intermin’s Resources Grow to over 560,000 Ounces, page-40

Great work as usually john ... very interesting when you have these permit maps in front of you ...

#1- AXF these guys,

• An earn-in Joint Venture whereby AXF can earn 25% of the project area by spending A$1m within a one year period and maintaining the project in good standing

of course, will hold 75% of all of IRC permits once they have spent another 5mill

So as the permit shows AXF earns an area not % of all the IRC projects ??? is this why in the permit map shows AXF vanadium with the Manfred project ? 1mill= 25% of IRC project area

#2- QEM they hope to list with a market value of 20mill ..yet tiny landholding compared to peers in the area

#3-RIO interesting there view on holding a prime vanadium permits