Ann: Gabanintha Presents Robust Base Case for PFS, page-45

Just as I thought, a very conservative PFS which still shows us being worth over a billion dollars IMHO even without the further drilling we're about to do (and have the money for). Saw today Largo's MC is 18X ours and we've got a resource THREE times their size. That is just staggering.

Very glad VA chose the path of a realistic PFS which should be accepted almost as is for starting funding discussions immediately. Using the same numbers we did, there are (should be) other vanadium companies out there very nervous that their mine isn't even economically feasible unless vanadium stays at well over $10!! This document has just made a mockery out of some others I've recently seen. VA has gone out of his way to make sure the numbers stack up under any sort of market environment both in the price of vanadium and the operational expenses! As we have the capability and approvals in place to be digging dirt in a couple of years, I'm glad he didn't feed the pump and dump crowd. Let them go annoy companies that most likely won't have their paperwork through before we're mining vanadium.

I certainly had a chuckle at this part. I can only ask though, who would be stupid enough not to include things like this when putting a signature to a PFS?? I'd certainly be nervous if my name was attached to one without it.

Capital costs of approximately US$360M (±35%). This includes owner’s costs, contingencies and gas pipeline investment.