Ann: Commencement of Pre-Feasibility Study, page-3

Wonder if they get to use uplift in Vanadium pricing as part of Pre feasibility.... Sep 2020 a long way back at these times.....

The scoping study results released on 23 September 2020 established that the Steelpoortdrift project at the then
current vanadium prices exhibit significant potential for the following: a NPV8% value of
up to US$401M, robust returns (pre-tax EBITDA of up to US$1 900M), a resilience to low
price environments (average cash operating costs as low as $3.07/lb V2O5), competitive
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capex (up to US$187M) and an attractive payback and IRR (between 2-3 years payback
and IRR of up to 45% assuming a 50:50 debt/equity).
The Company recently procured sufficient cash reserves to commence with the prefeasibility study, which is likely to be attained at an estimated cost of A$300,000 and is
expected to be completed in Q2 2021 (i.e. April-June quarter).