Ann: Company Update, page-52

I thought you said it would have to be cask? Beautiful part of the world.

Perhaps I'm being a little naive with the following question. But do the doubters seriously think, with the likes of SMS being neck deep, various layers of Australian government involved (and actively promoting us, albeit sporadically), half a dozen Tier 1 international companies lined up (but not all inked in), that this will not go ahead?

I have mentioned it before, and someone mentioned it today, but I am a little concerned that with all this unnecessary red tape, we do seem to be taking a horribly long time for this to get kicked off, and we may lose some of our tech advantage. You can bet the Chinese are all over the Tivan process, and are working on something similar.

But thinking of the vanadium supply chain in particular, if you think where the majority of it all comes from, with the like of the S. African mines closing, Russia and China wanting to keep hold of theirs, we are in a very good place where vanadium is concerned.

I think many of us (myself included), have not been through the development cycle of a mine, which typically takes 5+ years to kick off. So our expectations of this all happening quickly, were unfounded.

I also think PB has been naive, thinking this will all happen a lot quicker (and making overly optimistic announcements to the market along those lines - ultimately damaging shareholder confidence and our share price). He's not been through the process either.

Hindsight is a wonderful thing, but we should have had someone who's been through it all, either guiding him, or leading the charge.

Regardless, we are very much on the home stretch now. If it's going to happen, then the next 6 months are going to be a critical and exciting period for holders.

I expect further short term pain while we wait on the environmental approvals. But they shouldn't be far away now.

$5bn NPV project, $100m MC. Any upside there I wonder? If this doesn't end up a 10+ bagger, I'm never investing in spec stocks again!

I'm voiciferously confident...