Canegrass, page-20

Always good to float ideas but be mindful of Canegrass actual value. Whilst it may make millions in the future some Australian Vanadium mines that are well on there way to production have pretty low market caps. TNG for example has a MC of around $128m. I guess they would argue that they are well undervalued given their project economics.

I think we must run with what we have and need to see a viable plan and timeline to get income from PIOP ASAP. With that our SP should be multiples of its current price IMO. I think it wrong to assume that. OCJ is aligned with TIO. I would suggest OCJ simply want to maximise their return on their investment. I would also suggest that it is possible that a reason why we haven’t seen a revised JVA recommended by the Board could be because OCJ haven’t given the nod of approval. If OCJ were aligned with TIO, maybe a new JVA would have been put to shareholders before now.

I can see no reason why Canegrass can’t be developed in parallel with PIOP although substantial funding would be required (with possible dilution implications) if funding from grants was unavailable or insufficient. I wonder what work, if any, our current Board have done with regard to investigating funding and grants.

With a positive FID with plans and timelines to production of PIOP I think shareholders could see a massive increase in shareholder value. That is what we need and we need it now. Unfortunately minority shareholders have very little insight as to the real progress (if any!) of that (TOP SECRET) activity.

Just my thoughts.