Ann: Tivan Online Investor Briefing, page-38

Hi mate

Both of us were suckered in by the farce that eventually became AVL+

I believe we both lost a not inconsiderable sum when we walked away - however much less than the ones that still blindly stick their heads in the sand and 'still believe' in AVL+ probably will.

The EPA will take another 18 months according to their forum - something which was easy to predict if they read the ERD doc last minute notations... I even warned a couple, but oh well.

I was 100% in agreement with you re: Grant Wilson after the suspension from the ASX.

I was probably very angry too, for being suckered in by his Fluorite spiel and thought - 'I'm an idiot - GW is just the same as Prentice and Arvidson and I've been sucked in again" and sold up.

And I was an idiot again as clearly GW isn't anything like those 2!

The statements Grant Wilson has made, post the suspension are important, and I think you have misread them.

The plan is crystal clear.

Vanadium has been shelved indefinitely - the only thing that will happen is that an attempt will be made to use some of the Vanadium ore from Speewah and see if it can be processed to a standard acceptable to Sumitomo.

That's it.

No plans to do anything more mate - Grant has unambiguously stated in the Friday Webinar that Vanadium is simply not viable at this pricing and demand level - especially after a new mine opened recently in Khazakstan.

No if's, but's or maybe's - it is not financially viable to mine.

It's CaF2 - and the build has been priced by Grant twice at $150 million.

Not billions - millions

It's highly likely a Govt grand covers most of that anyway.

CaF2 is on the surface and processed by adding water apparently - and at $700 USD per tonne will produce significant profit very quickly after mining.

Again GW was crystal - pay off Capex and re-invest the profits in developing the 12% (7% more than Cannington mine) lead deposit.



This isn't AVL and I genuinely believe under Wilson that Tivan will be a good investment NOW (wasn't before I agree!) - and that with Guy deBrelle there is a genuine well thought out and funded plan.

Wilson was also 100% clear on the fact that Sumitomo were more than happy to have the JV plans announced - and happy to confirm a delegation of their CEO, board members and Japanese politicians had set a date within months to have an on-site visit at Speewah.

Honestly mate, if the Sumitomo CEO and leading Japanese government ministers are coming to Western Australia to see for themselves, I reckon you can give GW the benefit of the doubt.

Yes, there remain hurdles - permitting, paying off KRR debt and another CR (flagged previously so open disclosure right there) - but as soon as the JV is signed off - and the figures completely add up for it to happen - those problems disappear.

I get your suspicion, especially after being ripped by those 'executives' we foolishly believed, but I 100% believe this is a genuine business plan, put forward by people who genuinely care about shareholders and who have top-line contacts.

Ask yourself this - could AVL get the CEO of Sumitomo and Japanese senior government officials to visit Meekatharra?

Or present, in Parliament House a business plan directly to the ministers and committees for Climate Change, Energy, the Environment and Water, and Infrastructure, Transport, Regional Development AND the head of the EPA - IN PERSON?

He did that today.

Can you see the other mob getting that access?

That's the answer to your question about Tivan right there I reckon.

Cheers mate, have a good week.