Vanadium Electrochem Processing Technology, page-25

Hi Growler - hope you're well Sir.

Just going to address the "How does Peter stack up" part.

Personally- Peter is a large part of the reason I am in AEE. Tiris being the other large part.

The IPO at Haggan is probably the best idea for AEE moving forward IMO. When you look at the history of AEE and the U mining ban in Sweden - he's done well to navigate a tricky situation there. Granted - it hasn't finished playing out yet - so the jury is waiting to see what happens. The SS will be interesting IMO - as will the next 6 months at Haggan. i think we will find out whether the delays last year were justified by what happens in the next 6 months there. I hope this makes sense.

I'm not having a dig here - but when compared to our peers (AVL) they delayed their PFS for 6 months - the market would have expected something in return for those delays? IMO - their PFS didn't justify the 6 month delay - you have commented similarly to this.

In regards to to Tiris / Uranium and the. delays at Tiris.

The U market has been a b**ch to deal with since Fukushima - Pete has navigated it fairly well. There's no point digging up their U and selling it cheaply (giving it away). He has also recently said in an interview that discussions about financing are progressing well for the U and V (or something very similar).

Pete has delivered a Tiris mining licence.
Pete will deliver a completed DFS early 2019.
Pete has added Vanadium to the mix at Tiris (granted - no one quite knows the details yet - but it will give us credits there, on already cheap Opex - great IMO)

Personally - I think the wider market is waiting for the U price to break away from $30/lb - and then we should see all U stocks benefit. Tiris will be producing in this bull run!! He's winning with that licence.

To conclude- Pete has performed well at this stage, IMO. However, I would concede that 2019 is going to be the year when he gets judged the most. I think we should find out in 2019 how good he is. - Too many "IFs" to comment much further on what happens in 2019.

But that mining licence - followed up with a DFS early 2019 - will suggest he knows what he's doing.

He has also built a $1Billion company before - how many of our U and V junior peers can say this? It's about getting it done - he's proven it before.

Anyway- hope you have a great weekend. All IMO.

Tine for lunch time Beers.

T