Ann: Barrambie Vanadium DFS - Final Mineral Resou, page-13

re: Ann: Barrambie Vanadium DFS - Final Miner... Simon

When I refer to cost I am referring to manufactured price per kg. Ie: Is there sufficient margin between that cost and the current market price.

I raise the issue, because I know that Windamurra costs were always said to be "in the lowest quartile of producers". However that was never substantiated, and it is perhaps now an issue for them.

Then AXO's co-product will be free to the slag stage, so presummably the producer of that, will have a real cost advantage, and thus price advantage in the market.

These are my understandings, but I could be wrong.