Ann: Company and Vanadium Update, page-70

Strange opinion but your entitled to that.

The Phillipines project is a rotten egg with the previous dumped CEO and his mates misappropriating funds as per the last announcement. Particularly with the focus on SA vanadium projects. Glad they cut funding, they were wasting it anyway. Smart move.

As far as funds are concerned, we are only in early Jan so they have plenty for now, Phillipines no longer burning cash, 2 vanadium projects shortlisted in South Africa as per last announcement. Money would have been spent assessing 5 or so projects previously. The market knows one or possibly two projects may well be acquired shortly so cash still in hand. The market also knows from JB other stocks he arranges funding at the same time as securing the acquisition, not from cash in bank.

There is a major conference shortly in South Africa, perfect time to have your hands full of good news. Let’s see what plays out. Personally I wouldn’t want to be sitting on the sidelines when a project is locked in, with a measly $14M MC that leaves plenty of upside for SP movement. For example a $28M MC is fair for a reasonable acquisition and that doubles your money.

If we haven’t seen or heard any progress by late Feb I’ll revisit my view.