Ann: Option Agreement for Location of Vanadium Processing Plant, page-25

Re: the pipeline; This could be a strategic play on $AVL's part to increase $TMT's start up and production costs.

If VA has done the numbers, and it's an even-money exercise to put the plant closer to Geraldton, then the AVL BoD would have to be thinking "Why have a joint utility asset with our neighbour, that could be a liability, and could put us *both* in jeopardy if there's a squeeze on gas pricing, or the supply is impacted... But we move to Gero, and then we have independence, and our direct competition now has to pay not 50% but 100% of what may have been a shared capital cost, adding valuable $$$ to the start up and production costs for them.

As Ray Kroc said: If any of my competitors we're drowning, I'd stick a hose in their mouth and turn on the water...

GLTAH