Ann: Company Secretary Change, page-10

Hi PP2. I have remained tight lipped since the AVL PFS  announcement. That is till now. Im no expert but one has to look at the history of AVL to get a perspective on its metioric SP rise and dump. Much will be remembered by the long suffering. 

AVL was formally YRR.ASX that is till its name change in December 2015. Previously like many others including TNG it had ridden the 2005 to 2007 V spike. TNG  picked up its maiden V drilling results a little after and started scoping srudies 2009 to 2011 when the big Chinese investment came on board. 

That early flurry settled and through to 2014/5 only TNG and Windimurra actively progressed their respective projects. Windimurra commennced a c $700 mill project construction 2012 and maiden ore in 2012. The mining required  further optimisation and restructuring from that point and in February 2014 closed down due to fire.

TNG dillegently refined a unique matalurgical process, we know it as TIVAN. 

During this time V2O5 and Ferrovanadium were almost exclusively used in the steel market place. By 2015 the idea of VRF ESS was gaining momentum. YRR morphed into AVL, changed its look and mirrored TSX. AVC , (American vanadium Corp). In fact tgey formed a pact focusing on the emerging battery storage platform. Both linked up with Gildemeister and talked vertically inegrated projects mining the key commodity snd in tern marketting the end product VRF batterues.  The sole reason was that neither AVL's  Gabanintha project or AVCs Gibellini progect were commercially viable at that time with loosely assessed production cost way above commodity prices. In fact AVC never became commercially viable and relinquished its leases soon after riding into the Navada sunset tail between legs. Ironically Prophecy TSX.PCY picked up tge leases 2017 (from memory) and are now running the same mantra. The Gibellini prospect is extremely low grade and quantity. Prophecy say tgey can punch out a pound of v2o5 at a little over US$4.00. We'll see in time. 

Back to AVL . Huge resource, high grade too,  but no advanced metallurgical  process, there fore no real costings available despite actually having a PFS 2011. No  actual infrastructure costings or any of the detail that we in TNG have ripped our hair out waiting for. At least we have it. Their PFS could have been and possibly was written on the back of a cigarette packet. Savvy investors are walking. They, AVL, surfed a wave focusing on headlines and the ES market,  but havnt come any were near completing the ground work required to put out a meaningful PFS in the promised timeline.  In their race to produce vanadium electrolyte for a single market  use they have exposed themselves as commercially vulnerable and very thin on detail. They are heading down the same hole as AVC unless they can regroup and refocus. Huge capital is required to get them anywere near a bankers door.

All in my very humble opinion of course. 

P.S. did I mention that TNG has been the snail but won the race. If not. TNG has been the snail but won the race.