9.8 million shares, page-4

Since Noble has to sell the Vanadium, they could be the front runners in being able to decide what the future Vandium price trends are likely to be and thereby just how profitable Windimurra is likely to be.

So therefore TTY buying in could be seen as a much bigger sign of future success than seeing investment from just any other large investor. (And what a major shareholder list it is !!)

If Noble are building greater confidence in the price of Vanadium, this move gives them some action on both sides of the fence. Not just as the middle man moving and onselling the Vanadium, but with more direct exposure to the future price of the vanadium itself, by buying into the producer.