Ann: Exploration Commences at SPD Vanadium Project, page-7

It never crossed my mind that the existing resource could be DSO'd, assuming it can be processed at a location close enough, this could very well be a possibility. It's too early for me to know how close it would have to be and if there are options to do this (the ore would have to go to a mine without/needing ore, or a mine with lesser quality ore at such a difference that it makes financial sense for all parties).

'If' grade and mets for the pipes indicate what the initial results have shown, a saleable product around twice as profitable as the existing resource is realistically possible (I'm trying not to look too far ahead). This would obviously have better opportunities for increased cashflow in comparison to the existing resource and would extend the range that DSO could be profitably transported to.

It's a waiting game to see if this is proved, however even if the pipes don't come back with positive results, the resource we know we already have looks like it's up there with the best in the world and has infrastructure in the area already. These 2 things are very nice to have and could be issues for other vanadium explorers short and long term.

It's all good having a great resource, but management is the most crucial piece to unlock value for the company going forward and I very much like them here also. This reminds me of CLA around 12 months ago, Bill (MD here) is involved with both, CLA had a large mineralisation strike, just having to prove the grades/mets which TNO already has. CLA was a bit cheaper allowing for dilution but had more risk, TNO has less competitors looking for or having vanadium, so overall I'm anticipating a great return here also.