Ann: Substantial High Grade Vanadium Resource at Gabanintha, page-26

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Vanadium Market Developments
Yellow Rock has continued to advance its opportunities in the Vanadium Redox Battery market by forming relationships with key players. The Company has formed a battery focused subsidiary, VSUN Pty Ltd, which will sell Vanadium Batteries on behalf of two European producers in the Australian Market. Opportunities will focus on businesses and off grid opportunities, but due to the scalability of VRB’s, many other applications can be envisaged. These include applications such as domestic power, farm-production and Electric Vehicle charging stations.
The rapid acceleration in the development of renewable energy projects on a global scale is being accompanied by rapidly growing interest and need for grid storage technologies. The uptake of VRB technology along with other grid storage technologies could have a significant effect on the vanadium (V2O5) market as the use of V2O5 electrolyte is a large component (up to 50% of current cost) of the battery units.