informational Purposes, page-18

For information there is another great article on vanadium worth reading imo, although TNO wasn't mentioned in particular 

do not advertise external links.au/companies/news/212553/vanadium-prices-remain-strong-into-2019-as-further-new-energy-applications-are-developed-212553.html

"An emerging application for vanadium is its use in the energy storage sector through vanadium redox flow batteries (VRFB)."

"It is estimated by Roskill that vanadium demand in VFRB markets could rise to 31,000 tons by 2025, an enormous increase on the 1,000 tons that went to battery users in 2014."

Some other key points in the article:

- Rising vanadium prices over the last three years have been partially caused by lower global inventory levels as total supply remains under pressure, as well as growing demand in traditional and new markets.

- After a rallying run across 2018, the vanadium price saw a slight decrease at year-end, however this was seen by most analysts as a short-term dip.

- Increasing demand in steel alloys and further development of vanadium battery applications, coupled with limited supply until 2022, is expected to sustain higher prices into 2019.

View also asx news: Outstanding Magnetic Concentrate Assay Results SPD Project

and you know, why I believe in TNO