Ann: Barrambie - Pilot Plant and Offtake Update, page-28

Any comments re the AU$49 million grant AVL for their vanadium project announced today.

Specifically:

* does this assist Barrambie with a processing facility approx 100km southwards?

* any sense of the relationship of NMT's CR with the AVL BOD. (When I held AVL, there seemed to be an attitude against prospective rivals - Barrambie)?

* With a MC of AU$115 is AVL a potential takeover target now for NMT, given they will progress their redox technology, but just as important upstream crushers, sorting, filtering, powderlines etc?

I actually sold all my AVL in favour of topping up my NMT holding about a year ago, particularly based on resource size, grades, access and a healthy respect for the strategic focus and delivery of Chris Reed.

Looking forward to constructive comments on the above and more.

GLTAHs