Ann: Annual Report to shareholders, page-19

I'll have a crack at the vanadium grade/resource

From the annual report:

'Vanadium in the Tiris resources occurs with uranium in carnotite, potassium uranium vanadate (K2(UO2)2(VO4)2·3H2O), the host mineral for uranium in the Tiris Project. Vanadium is extracted from carnotite along with uranium in the alkaline leach'.

If 750 million pounds of uranium and 250 million pounds of vanadium is produced from the same resource then the grade/quantity of vanadium must be 1/3 of uranium. Basically, vanadium and uranium come from the same mineral in this case (carnotite). So, this mineral is targeted. The grade of both vanadium and uranium increase if the cutoff is increased. So there is a constant ratio. You can't have more vanadium and less uranium because they come from the same mineral.

The grade of uranium at 100ppm cutoff is 254ppm (0.0254 per cent)

so the grade of vanadium is roughly 1/3 or 0.008 per cent.

The quantity of uranium is 51.8 million tonnes. So, 1/3 gives around 17 million pounds vanadium.

The conclusion, is that the grade of vanadium is very low and the money the company receives from vanadium must be high enough to compensate the cost of extracting vanadium.

However, the good news is the projects is profitable without the vanadium