Ann: Half Yearly Report and Accounts, page-4

Firstly, I’d say let BBI walk away. PIOP has its own sweet spots and could be trucking ore at a relatively low Capex without BBI IMO. Just look at FEX and others. IMO we don’t need BBI taking the cream. Where would it leave TIO? A stranded port and about 60% of a stranded resource? All those lost funds. Wouldn’t they want a return even if they wanted out? If the project fails, how would TIO/Todd be seen by their peers? Would there be substantial damage to their image and reputation? I’ll leave readers to draw their own conclusions.

Secondly, imagine if TIO wanted to get out. How would they maximise their asset sale? 5c a ton? No, no, no no, no! The ”greatest greenfield IO project on earth” at only 5c a ton? No, no, no, no!

And let’s not forget our Vanadium at Canegrass. If BBI walk away surely Flinders could do a find another JV partner or go it alone. Look at companies like FEX. If the numbers stack up Flinders “may” get the required funding to go it alone or a fully funded project with a JV partner.

If BBI fails, I’d suggest some pretty big (not BBIG) egos and Todd’s reputation would be destroyed in the process. That is unlikely to happen IMO.

IMO, Flinders PIOP is worth multiples of the current market cap. And Canegrass vanadium?

DYOR. GLTA