Ann: Annual Report to shareholders, page-14

MPJ, as others have said always use the latest 3B's for total shares on issue. For latest T20 holdings always best to go to the latest annual report as a starting point. If that's out of date then contact the company for an up to date version. Using third party websites that claim to be up to date can be dangerous. That includes HC that is drastically overstating the true MC of SRN and has likely turned a few off.

As for Vladimir, yes he took up a large portion of the latest raise during the recap. It was basically a textbook play since then with the acquisition tripling the total resource size and ongoing drilling for newsflow, just a shame that the market has turned sour during that time.

End of the day we have a pretty large resource here at fairly low grades with a negligble EV. Given the resource is large and lowish grade we have some pretty nice leverage to the underlying Vanadium price which as everyone knows has been on a tear lately. It should just be a matter of time before the market wakes up, but we will see in due course. The Canadian vanadium stocks have already gone bonkers the aussies are lagging.

Hopefully the CR that was alluded to as part of the acquisition announcement can be completed ASAP and we can have the handbrakes removed.