Ann: Caula Vanadium-Graphite Scoping Study Exceptional Economics, page-32

Forgot to mention.
In accordance with the ASX Listing Rules, the Company announces it is based on low-level technical and economic assessments that are not sufficient to support the estimation of ore reserves. Further appropriate studies are ongoing and they will contribute to the Company’s ability to estimate any ore reserves or to provide any assurance of an economic development case. This study does not warrant that reserves will be reported. The total LOM production target is in the Measured Resource category. The Company has concluded that it has reasonable grounds for disclosing a production target. The Scoping Study is based on the material assumptions outlined elsewhere in this announcement. These include assumptions about the availability of funding. While New Energy Minerals considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range of potential mine development outcomes indicated in the Scoping Study, additional funding will be required. Investors should note that there is no certainty that New Energy Minerals will be able to raise funding when needed. It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of New Energy Minerals’ existing shares. It is possible that New Energy Minerals could pursue other ‘value realisation’ strategies such as sale, partial sale, or joint venture of the Project. If it does, this could materially reduce New Energy Minerals’ proportionate ownership of the Project. The Company has concluded it has a reasonable basis for providing the forward-looking statements included in this announcement and believes that it has a ‘reasonable basis’ to expect it will be able to fund the development of the Project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study.

A 'consider all options approach' to announcements seems appropriate based on their track record.