Ann: **anintha Mineral Resource , page-24

Current market cap of YRR is around $17.7mil. So with the resource upgrade to 150m/t and using tiktac's calc's, its worth $3.3bil in-situ, the current share price represents around .5% of in-situ value just on the V205 content alone.

In 2005 before yrr was floated, V205 was US$25 per pound. At the time GPN had an indicated resource of 37.7mil tonnes at 0.75% V2O5 with an in-situ value in excess of $15 billion. (As stated in GPN announcement dec 05). GPN's mc at the time was around $25mil so the share price at the time represented around .1% of the insitu value.

So the value of the Vanadium is significantly less even though there has been around a 400% increase in the size of the resource.