Ann: AVL Secures EPA Approval for **anintha Vanadium Project, page-74

Hi sandfire,
I know you recently raised concerns about value attrition of an Australian dollar, plus lower vanadium price, plus increased gas costs and the rising cost of construction



[’$ conversion has fallen from us$0.72 to us$0.62. This would increase the cost of major plant, crushers, mills and roaster.The price of gas is also increasing now around $8 Gj.( $2 in 2020)The '22 BFS used us$10.50 for the vanadium price, now around us$5.The rising cost of construction since COVID.]

And, given all those factors, the new OFS is likely to see significant cost increases to the 2022BFS.

(up from $600m expected costs, but potentially, the increases will be offset to some degree by savings efficiencies)​

But is there anything else, please, that’s disturbing you because as I see it Management’s job is to secure the necessary funds to develop the project at current costs and I can’t see those interested failing to cough up because we’re three years later and the dollar’s back to Covid lows.

Thank you, and cheers