Ann: Vanadium Scoping Study, page-62

I can read fine thanks. And I am strapped in at AVL too and many other Vanadium companies I won't cross sell. 5 year time frame.

And the volume so far today tells me its only quick buck speculators that have bailed. If the selling volume at end of day is in the 80 to 100 million range, then, granted that would suggest more doubt in the market. Today. But I don't care about today, other than I bought more on open. Macro picture and themes. And never invest more than you are prepared to lose. Always a risk in specs.



This is a preliminary number. By the time they go through the detail, the synergies and 2 more years of vanadium price increase, the Capex will be slashed, the payback will be shorter than the already short payback period, and all avenues for processing will be reviewed. It would not surprise me if they have a Tivan plant and I'd welcome it.

AVL need to merge with their neighbor - synergies