Ann: AVL Enlarges Ground Position at Coates Project, page-22

So you chose not to invest in AVL so why are you on this board....you made a choice which is fine. Your investment choice suits you. I don't speak for all investors on AVL but my choice was made on the basis that AVL provides some diversification....

• AVL is primarily a Vanadium company. It has more resources in the ground than TMT.
• It has an approximate 11% interest in BYH which has had positive results in relation to magnesium and gold.
• It has the Coates project exploring for Nickel and Copper.
• It has VSUN which is in at the grass roots in Australia providing VRF batteries which obviously uses the minerals we (TMT and AVL) currently hold and want to sell.
• It has achieved very good Government support

Whilst I would also be happier for AVL management to have been far more advanced in relation to a DFS I also understand that the Vanadium currently works in cycles. TMT's DFS is seriously likely to become irrelevant unless they can get financing.
If TMT gets financing then it will be to the benefit of AVL eventually....the resources of AVL will always be there.