Ann: Maiden Vanadium Resource at Taranaki VTM Iron Sand Project, page-14

1. Manuka mines Silver, and as a byproduct Gold.
They just finished processing ore and last quarter processed 715,000Mt of ore and 54,214Oz (A$1.8M) of silver was recovered plus ~thousand Oz Gold which made up 24% of revenue.

2.1. Vanadium...concentrate back on the silver + gold. Vandaium is a post lithium fade metal.

2.2 More importantly Manuka is not going broke.

3. They are profitable at Wonawinta.

4. Buying at 9 cents is a steal.

5. The Wonawinta plant has a recently expanded plant capacity of ~1.1Mt/yr

6. These were stockpiles at the Brownfield site.3. At full capacity once Wonawinta mining commences they will produce around 2.75M oz silver/year

7. Existing 50 million ounce silver JORC resource (USD$1B), Shares on issue 502,801,532, so each share owns USD$0.50 in situ.

At FCF USD$200M x 5 multiple, when they get to 2M oz mined/ annum market cap will be USD$200M not AUD$56M.

So ~AUD$0.30 in 2-3 years minus any dilutions