Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-12

No problems i could see. A lot of upside
Key points and expected news flow
1)METS are currently developing plans to produce a high purity vanadium oxide from which a clean high
purity vanadium electrolyte can be recovered for use in the emerging vanadium battery sector in
Australasia.
2) Process plant options with several Proponents (not 1 but several)
3) offtake and offshore discussions underway (probably after the PFS)
4) Mining licence has been submitted
5) PFS due by November
6) Lava Blue looking at 4N to 5N (ann 25July)
7)Yidby results leach test work
8) Perenjori hopefully EPA approval this quarter
9)infill drilling from 200m to 100M. This infill drilling is designed
to upgrade the resource category, and to provide samples for metallurgical testwork as part of the
planned Pre-feasibility Study.
10)Kooline lead silver still active in the background.a ground exploration programme planned
for next quarter
11) CR by the end of the year or sell one of our other projects