Ann: Half-Year Report 31 December 2020, page-4

I don’t think they can be more specific on NAÏF until Yarrabubba is clearing defined which it isn’t as of yet until the DFS is complete.

GVP was $400million and now Yarrabubba is $160million. NAÏF must of stated TMT were not getting 400million.

The outcome most likely is Binding Offtake with Sinosteel and $160million from NAÏF and no share dilution which is perfectly fine by me.

Pretty sure NAÏF can’t ask for equity.

The way the Vanadium market is shaping up delaying GVP by another year is a master stroke. The market is tight and no other vanadium coming online for another 3 years. This will allow the price to stay elevated. China is building another 5 VRFB’s in Dalian China with Ronke so demand is not going away anytime soon. Remember this is a 25 year operation so the finance terms for GVP have to be as low as possible.

TMT is worth 500m MC just coming online with Yarrabubba let alone GVP and any V price appreciation in a tight market.

still 10 bags from here : ) Exciting times the solar system is aligning

DYOR