Ann: Appointment of Managing Director, page-99

Not cross promoting but - extracting Vanadium economically is the challenge - TNG/TVN have a patented process (proven to test/pilot scale I believe) to extract this at lowest cost and produce 2 other sellable assets - Titanium and Iron Ores. And their process is more environmentally friendly than conventional methods so ESG factors favourably for them. That is one of the primary reason in my opinion why TVN is so far advanced in the mining lifecycle with offtakes etc.

SRN having the best grade Vanadium is not all that if using traditional extraction methods, which make the whole operation quite costly and weaker ESG credibility (look at KRR/KRC sitting in the SP doldrums for past few years, maybe even longer - seems like plenty vanadium resources out there but not easy to mine the metal out of them)

whether PB is good for SRN or not, he or anyone else cannot solve for this without evolving technologies/extraction methods supporting their operations more economically and/or environmentally going forward - else they are just one of many mining companies out there touting the praises of their deposits but haven’t got an answer for downstream activities. And funding partners, in this economic climate, will be strongly focused on such aspects.