Ann: Speewah Vanadium Study, page-18

Congratulations to the company on raising the monies for gold, copper, silver and vanadium exploration and studies. $1 million will have to be managed very well to achieve any outcome.

The vanadium story, which the company had walked away from, probably got the money across the line. Nice to have a rabbit up the sleeve.

Like SPX the study is precarious. A study shook SPX out of a world class rare earths project in the NT. SPX cut and ran.

It is likely the planned vanadium study will kill off the "world class" vanadium project as well. The number of vanadium projects under care and maintenance in parts of the world, including Western Australia, is interesting. Each could be fired up in short time with low cap ex. whenever price demand warranted it.

The bulls are running on KRC. But it only provides opportunity for rights buyers and placement takers to dump and run with a very nice overnight profit.

Good luck to long term shareholders.