Ann: GAS PIPELINE EARLY WORKS AGREEMENT EXECUTED WITH APA, page-148

To be honest, TMT investors that buy at 40c don’t need VRFBs to kick off to get a insane ROI. Vanadium is currently $9USD/lb, double our projected operating cost, and their is still room to move with low carbon steel. I still think VFRBs will have their time in the sun, when lithium gets difficult to procure, or businesses shift to enjoying the lower life cycle costs of VFRBs in comparison with lithium. Maybe a few lithium fires like what happened in Geelong last year might see a switch.

either way, we don’t need VFRBs as such, I’d be more concerned about a recession, although I think the numbers of TMT still stack up funding, and we know recession will lead to construction and renewables spending globally which in turn will lead to a vanadium price uptick. Our main risks are ones TMT can control and we are seeing the board kick goals in this department.