Ann: TVN Update on Acquisition of Speewah V-T-Fe Project, page-2

A couple more boxes ticked off this week (that we know about) and into the month where we can expect the Review to be released. Clearly GW is extremely intelligent in a broad manner but I’m really looking forward to specifically seeing his financial nous on display with the revised metrics for Speewah and the DPF. It’s going to be interesting to see if we will still need the Titanium Dioxide plant add on if the focus with the Speewah resource is biased toward Vanadium. If we don’t need to build this the savings to capex before considering recent inflation would be considerable. Or as a minimum the titanium feedstock could be sold until the pigment plant can be financed with cash flow.