Vanadis IPO, page-131

Right. So an extra step to obtain 1%; this put AEE behind those who already have 1% grade. This means greater CapEx and Opex. There is no magic formula or short-cuts. Have you seen other V producers with the same flowsheet? As I saidm there are only 2 listed Vanadium pure plays listed. Both have grades above 1%. This is an important factor for funding. Because we will not always have record V prices and a mine needs to be sustainable during the downswings. The historical V price is under $10/lb.

I am patient; which I have yet to take a position here. We are at the start of a U-bull run. Specs often gain more than producers. Once AEE focuses on the main game and not get distracted with a side show, then I am very keen.

DFS has been promised for over 3 years, Obviously during the lean U years, it would not make sense to release a DFS. But enough already.