Ann: Locking Down Infrastructure to Support Delivery of the MTMP, page-24

The other end of the argument is since the 2019 DFS and from 2021 the min market prices has been approximately $7.50 and not $5.50 and the maximum of $12.50 is more realistic for market studies for companies to release into.

since 2021 vanadium markets have stabilized in a sideways trend.

And the VRFB electrolyte premiums are becoming clearer and clearer and more bankable from a financing point of view.

Fist past the post is not always best in this scenario.

The LE systems electrolyte DFS opex will be known and for little extra capex unlocking that value in the bankable model via an electrolyte plant will be a game changer for TMT as I have tried to highlight above.

I allowed for $100 million for the electrolyte plant with a $2 premium over V205 spot markets.