The big question.....financing, page-130

Vanadium & TMT

At present and feasible future there is no amaterial that would replace quality and quantity to replace Vanadium in thesteel strengthening industry.

How many new mines have come on line to pick up the shortfall that has been just keeping ahead of the demand.

Vanadium energy storage capacity, safety, cost effectiveness,environmentally viability, utilising renewable energy storage ability cannotcompare with any other element and materials.

Demand for VRFB was 3% in 2016 and now 12%, it will be 30 in2025. it is an industry that will gain momentum at an increasing rate overtime. What then for the high-grade vanadium demand?

Why low SP?

Currently TMT is completing DFS, upgrading resources,finalising mining and processing cost, looking for viable and suitable financefor the project. All these are necessary steps for the project and will be sortit out due course.