Ann: Additional offtake MOU signed with major VFB producer, page-13

From the Largo Physical Vanadium Fund Monthly update.... Looks like our potential Offtake partner is the real deal. I'm starting to get a little excited by all this action. Feels like our project not being in the West is really opening up the China VFB opportunities.

We begin with groundbreaking announcements of large-scale energystorage projects that have the potential to reshape how we think about powerstability and renewable integration. Notably, EnerFlow's initiation of a100MW/600MWh vanadium flow battery (“VFB”) power station in Weifang, China, andthe commencement of the Neijiang 100MW/400MWh VFB project in Sichuan, China,highlight the scalability and reliability of vanadium in large energy storageapplications. The scale of these projects has true global significance.