Ann: Outstanding drilling results from Montepuez graphite project, page-23

Agree with what has been written about Vanadium and DFs apparent take up toproduce some information on this. But a few points of note to Wombats figures are as follows:

The processing of Graphite has the unfortunate side effect of pushing the Vanadium to the tailings side. (Courtesy Syrahs feasibility on Balama) this means there are additional costs incurred around a second stage process for separating the tailings from the Vanadium.

So Capex and downstream Opex to get to that point.

The other thing to consider is the %age recovery from the tai.ings and indeed the first process through the Graphite Separation. How much is lost in that single or potentially double process if losses in the Graphite recovery are significant on Vanadium lost?

This then needs to be considered against Wombats overall figure.

However as the cost of the per tonne is high one suspects therecovery may not be that high. I don’t know, anyone else? Just my thoughts. It looks a great prospect though and if extrapolated out across the future potential of the overall resource, I don’t suppose it will remain away from DFs radar for long.