Ann: Options Underwriting, page-19

Fundamentally AVL has not changed from when the shareprice sat much higher. Vanadium price has pulled back which was expected but on a positive note makes battery storage more viable. Markets have taken a beating and AVL hasnt been spared like most. Talking to brokers and companies they say raising $$ in this market has been very difficult so to me it is a massive positive that AVL was able to get an underwriting for 1.25 mill $$ worth of expiring oppies in the current market conditions. AVL still has 1 of the best vanadium resources globally in a growing vanadium market space. Personally i have converted a large chunk of oppies of what i held.