Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-38

If anyone would make it getting mine up, these were the guys to do it in my view but I don't think this is a strong enough case to do it. Need to see full end user support, off-take etc.. to get anyone excited.

Things change, prices will never go down, etc... (IO in 2010/11, Oil 2014/15) Then prices do go down and still experience the cycle. To say it would never happen again or go below a certain price that is conveniently at a level that makes the project unattractive is naive in my view. The factors may drive a sustained elevation in prices but once mines actually come online that will change, especially in a smaller speciality mineral like V. Because it happens when new mines actually get up, it pays to back projects that are not marginal at lower prices that have persisted more often in history that not in my view.