Ann: AVL in Strong Financial Position to Complete DFS, page-42

I think you're being a bit critical of AVL's metallurgical test work timeline. The next round of test work is at pilot scale where they need about 30 tonnes of representative core from the entire mineralization. That's not a cheap exercise (+$1million for core drilling alone) and one that you can't or should not embark upon too early in the overall SS - PFS - DFS sequence. I have personally worked on projects before where test work done too early and based on assumptions has to be redone later at great cost as further knowledge is acquired about the deposit's metallurgical characteristics. I am confident that AVL's internal management team know what they need to do to complete the DFS in a timely manner.

Also the bit about not producing 99.X% V2O5 to promote the project to potential Chinese customers is more about a marketing exercise to the punters back home than to get the steel makers in China interested.

In case you haven't experienced it, Chinese SOEs are very slow moving organisations that will need more than a jar or 2 of 99.7% V2O5 to get seriously involved (ie BOA, etc) with any potential new Vanadium Mine.

Anyhow now that AVL's DFS funding has been taken care of IMO we should see a few critical goals kicked in the coming months.

Nice volume today BTW.