Ann: Bankable Feasibility Study for Australian Vanadium Project, page-367

Azzz, these are my thoughts on the VR8/AVL comparison

1. Sovereign risk,
- VR8 mine is in South Africa
- AVL mine is in Australia

( Research what happened to RSG and MYL)

2. $49 government grant - will the Australian government donate money to a company building a project in another country? (No)

3. Processing Plant.

4. Most importantly, does VR8 have a second project as exciting as "Coates". A major discovery at Coates would probably double the market cap of AVL in the short term. After Chalice's Julimar discovery in March 2020, Tim Goyder companies immediately pegged every tenement available surrounding the Coates project.
Coates is the sole reason I first invested in AVL back in 2020.
A start to drilling at Coates is iniment.

End of comparison.