Ann: Vanadium - Titanium Value Opportunity, page-14

Hi Shady,

Sorry for the slow response (been a busy day) but I stand by my comments on Va projects and economics. I think there are lots of things working against the Mt Peake project ever being brought into production ahead of other genuinely higher grade deposits, namely Project Finance (lots of financial models can yield great looking returns but I can't see a co with $110M MC funding $1B capex unless they sell most of it to a big player) and grade (like cash, it is king and usually sorts out which mines get developed 1st). Throw in location as well because it does affect opex and infrastructure needs (another negative for MtP).

The Va grades at Citra and similar deposits like MtP are below the cut off grade of other deposits lke Gabanintha BUT may well become economic sometime in the future if Va prices rise substantially as LT forecasts are predicting. However the reality of international finance will be there are other higher grade Va deposits which will attract project finance first. I could be wrong but I think TNG shareholders will need a lot more patience.

Anyhow my interest with RNI remains on Wodger/Forrest VMS so I hope the RNI geology department aren't wasting time on Va distractions when there is copper to be found. They should be banging on the DMP's door everyday to get their drilling permit approved ASAP.

cheers to all RNI supporters