TVN General Discussion, page-78

Hi Maxter

It’s been a massive week at TVN and wasn’t the fourth finding and GWs briefing outstanding. He has certainly taken this company where no one could have imagined it could go. The review period was so pivotal and in reality the strategic actions of Speewah, Sun Cable and CSIRO etc have now propelled the company from near term death to being something none of us yet know.

I’m loving your engagement but as Grant has now said overtly Mount Peake was commercially challenged bc of location and vanadium grade. Going back in time revisiting these announcements one would question whether they are truly worth the paper they are written on. We must let the past go.

I’m sure if there was a way to do Peake in the current environment the Board would have moved forward. The findings of the review found material deficiencies and unfortunately Peake currently is not commercially feasible as reiterated this week by GW. Perhaps in the future there is a viable strategy but still important for pilot plant purposes through using the Peake magnetite.

Also the company obviously can’t mine 2 places at the same time duplicating infrastructure and effort. For the Board and GW, its all about getting in the game as credibly and as fast as possible. Namely getting the pilot plant done which is a commercial necessity and having the scale and grade quality of the Speewah deposit - which has changed our global prominence and saved our skins.