Ann: OFFTAKE MOU WITH LEADING CHINESE VANADIUM NITROGEN PRODUCER, page-43

hi Troydt. The figures you have posted look ok, but I am concerned still, mainly due to the ability to obtain funding based on the IRR with vanadium price in the $8 to $8.50 us/lb. look I’m not trying to be negative. I want this to get up as much as the next person as my average price per share is 42c, and it’s my biggest holding, So I am hurting here. And I don’t need others to convince me or justify me holding. I just putting forward my thoughts on what I see as the big hurdle. So with a V price at say $8.20 us/lb and all other items as per the DFS, it looks like the IRR is about 19.6% before tax and 16% after tax. It is the ability to obtain funding of $318Mil US based on an IRR of 16% that is the massive hurdle that has to be overcome. Is this realistic and achievable? I am hoping so. But that is not a figure to be going to the bank with.