Don't get distracted by the vanadium price. $US30/kg is still...

Don't get distracted by the vanadium price. $US30/kg is still too low for ATI to generate decent cashflow, but it's a secondary issue. The primary issue is the rate of production. Anything times zero is still zero. They still need to fix the plant.

I predict we are about to see if MM learned well enough during his brief time as a disciple of Twiggy. Up until end of November everything was fine at Windimurra. Then in December MM had to fess up and ask for $20M to fix problems with the plant. Now they need cash again, but he can't say it's for Windimurra, since they were supposed to have just fixed that. Borrowing a move from Twiggy, ATI will now be looking to raise $$$'s for...... the vietnam bauxite develepmont study and for "general corporate purposes". No idea how much cash it will be, but expect an eye-popping number like $50M+.

If MM can pull this off then he is a worthy disciple of Twiggy and we can ride his coattails forever. If not, then ATI is dead in days/weeks.

You heard it here first.