Ann: Richmond Vanadium Project and IPO Update, page-40

@coto@HotRods65 what am i missing ....when i compare the the AVL announcement and our metrics, surely HRZ stands out as a great viable deposit does it not????

Now i confess i am a noob but these comparisons below surely support our deposit ??

Does the 2.5% difference in the NPV calc and the lower V2O5% have an extraordinary difference in valuations?? Surely the capex and payback alone are not ideal for the AVL folks?

Genuine questions not flaming, bating up ramping or down ramping, just trying to understand better the comparisons....... If I've completely missed the mark apologies in advance

		HRZ	AVL
1	Size	459MT 80MT (18%) PFS	30MT
2	%	0.48%	1.10%
3	Capex	$243m	$600m
4	LOM	20 years	25 years
5	Payback	1.9yrs	7.9 yrs
6	NPV10%	$1bill
7	NPV7.5%		$833m
8	IRR	62%	20%
9	$/lb AUD	$16.44	$13.98 ($10.5O usd)
10	Recovery	86%	74%