Ann: Positive metallurgical results from Richmond Vanadium Projec, page-130

Could we please separate issues of company and its shareholders. I have absolute confidence in IRC team particularly JP that they have assessed all aspects of risk/benefit when they entered the JV. AXF Vanadium is managed by a highly respected professional team and their work so far are building more and more confidence into the project.

I would not compare Richmond with KRC's vanadium project. There is a long way for anybody to produce V from titanomagnetite without a steel mill built first. The preconcentration work being completed by AXF Vanadium is taking the project to the development pathway.