Ann: Investor Presentation - Shareholder Webinar, page-271

I thought this was interesting and I believe reiterates what JM stated on the webinar on Friday that the DFS is considered a robust baseline model and misunderstood by the retail market.

Australian Vanadium Limited (AVL) has very recently been awarded a $49M grant by the Federal Government to assist the establishment of their Vanadium mine near Meekatharra in WA.

Following is excerpts from AVL's BFS released last Friday and talks about their NPV and IRR;

'Based on a price of $US10.50 ($13.90) per pound of vanadium pentoxide (V2O5), the BFS demonstrated the project to have a pre-tax net present value (NPV) of $833 million and an equity internal rate of return (IRR) of 20.6 per cent.'
The expected mine life is 25 years.

Following is the excerpt from ADN's DFS;

'The DFS demonstrated the project to have a net present value (NPV) of $613 million and an internal rate of return (IRR) of 36 per cent.

With an expected mine life of 28 years, Great White will generate an estimated $81.5 million in annual EBITDA (earnings before interest, taxes, depreciation and amortisation) for a total EBITDA of $2.28 billion'.

Again I think this just reiterates James' statements on Friday that as a baseline DFS investors can be confident ADN is simply put, more than solid.

GLTAH + DYOR