Ann: Richmond Vanadium lab results in as drilling commences, page-16

Hard to know infill drilling which is underway will be a good indicator of reserves we can mine profitably and at what grade.

Personal I think are grades will increase from .32% towards the .40-50% ...

I remember JP making the comment Lilyvale on its own would be a 90yr LOM so in that maybe he is thinking of a 90mt Vanadium proven JORC reserve from the 627mt resource

300mill turnover x 90yrs LOM - $27billion

A Proved Ore Reserve is the part of Measured resources that can be mined in an economically viable fashion. It includes diluting materials and allowances for losses which occur when the material is mined.