Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-127

TiVan is not yet being used commercially anywhere in the world. In fact the first processor is about to have its EIS submitted for Darwin Australia. Much testing has been done and it appears to work well and would likely be operational by the time AVL is mining. At this stage AVL would not be able to do a PFS/DFS using TiVan because they do not have the information necessary. However, if TiVan works as well as testing indicates, I would hope AVL would at least check it out (and use it if it is as good as indicated). The German Company SMS are the prime developers and appear to believe that the TiVan process will be a game changer in the production of Ti and Vanadium.