im in spp at 1.95 last trade 2.29, page-9

new strip ratio and drilling There is no comparison between the Balla Balla and Windimurra deposits.

FACT 1. AXO has more contained tonnes of vanadium in both its resource and reserve, before taking into account the new in-fill drilling.

FACT 2. AXO has the highest reported grades in Australia - and the best reported metallurgical recovery based on significant pilot testwork.

FACT 3. The titanomagnetite iron ore can readily be mined and shipped - with credits for the vanadium.

FACT 4. AXO will be the largest direct and indirect source of vanadium in the world. The Chinese will extract vanadium via steelmaking and also purchase vanadium product from AXO.

FACT 5. The new optimisation is likely to see a dramatic decrease to strip ratios - less than 1:1 (according to latest media release on mining news), combined with excellent process recoveries will allow it to be the lowest cost producer on the planet.