Ann: Conceptual Development Plan for Vanadium Projects, page-12

at the very least it should compare to TMT, 37m mc, (although which is a direct one bite - stage 2 development.)

Even on that comparison, if resources prove us up ,that is where it prices us to a peer with 3 x the power requirements. Who are yet to finance their capital. What will be left of the peers EPS by the time they have completed that.? Corporate buggery, and dilution to insiders.

About to PUR, a lower capex DSO/ concentrate operation, because we can. Because we have close infrastructure, and concentrates over 2% - allows us the stage 1 cash flows to finance what the other ASX players are trying to do in one bite. At the detriment of the dilution to raise all that capital.

Following the NLI history, (a lithium player developing in europe, highlighted the benefits of a lower cost environment with great infrastructure, could afford even a non preferred Petalite mineralisation)

Again, reality is about who has the right strategy to deliver value to shareholders, not by massive capex equity killers. WHich reality, will tick all the boxes to actually progress to a developer.

Walk then run.