Ann: AVL Tests Confirm Potential for Significant Iron By-Product, page-50

Geez, if only every other company running a kiln based process for extracting vanadium penotxide had just looked at the back end of their process and thought to themselves "Sheesh, 53% Fe and 12% Ti just going to waste. I might be able to sell it!"

And then if only you had the world's biggest steel manufacturing powerhouse in China, with 1.2 billion people, many of whom are world champions at stealing or reverse engineering or indeed directly inventing a process of metallurgy, if only they had invented a process of reclaiming Fe and Ti from calcine wastes. And they're just sitting in Guangxhou or wherever just watching this activity in Australia and it's not twigged "Geez, we could really make a buck from this by buying AVL's calcine waste and retreating it with our patented technology!"

Really, guys, this is as daft an idea as KRR thinking they can get high purity alumina out of a giant 4Mtpa mine at Speewah.

I'll give AVL this much - they have spun themselves real hard since they announced the SPP and someone's been buying this up to get the price up and get the mug punters to dip their hands in their pockets. But just releasing the analysis of your waste stream and sorting by nominal value doesn't mean anyone will buy it off you. Unless people are literally just too dumb to ever see an opportunity anywhere.

And as for the people saying it's great to see AVL being "methodical" and "steady", I remember when this was YRR in 2012 and they had just as much resources as they have now and were miles behind their competitors (Aurox) and were being "steady" and "methodical". Expect more steady methodical work from now on.