I wonder, Tim, what kind of response the market might react to...

I wonder, Tim, what kind of response the market might react to (A) a capex of $900m, and (B) an opex of zero due to the fact the byproducts of titanium, magnetite, manganese and alumina might pay the entire operating cost of mining the vanadium.

The other byproduct, our new engineering company is working on with the sulphuric acid heap leach process is, power by way of enough electricity for the plant to be almost self sufficient. Steam is another source of energy which will be harnessed with this process and utilised to reduce the opex.

If A and B come to pass we would have a pay back time of one year, based upon the estimated Vanadium output in the scoping study.

This scenario allows for no synergies, (which there will be), with the Fluorspar and maybe with Mt Remarkable gold, (providing it is not spun off into it’s own entity, which is very possible if it continues to find bonanza gold grades).

Life of mine at Speewah is still 100 years.

The above, improbable, maybe, impossible definitely not. 

What I find impossible to believe is KRR at the ridiculous price of 0.036 cents, has a market cap of under $A46m. What major would not pay between $500m and $1b for such an asset if the above numbers are even remotely close. We must surely see a .50 cent SP within the next 12 months if this comes to pass.

There will be little sweetners as we have further positive updates on the ongoing tests and move forward to the PFS in June/July. I am convinced the PFS will give TB the weaponry needed to get between the two numbers mentioned above from a major mining company.

Just my humble thoughts.