Ann: Response to ASX Query Letter, page-14

Yes, it's nothing to do with HDY assets , it's about greedy arrangements that E Blu have with the companies that they manage.
With a super hot vanadium market, HDY should do well if they start progressing the resource.
Prove it up. Look at AVZ , even with lithium price on the slide, still commands an in ground MC of $150 - 200 million.

The value is in the resources, it's got to be more than an advantageous capital structure that's just there to get pumped. But then again, that's how much of the spec market works.