Ann: Market Leading Flake Distribution - 99.3% TGC-VRC.AX, page-180

https://www.linkedin.com/pulse/grap...lhelm-reitz?trk=hb_ntf_MEGAPHONE_ARTICLE_POST

The above link is a piece for Wilhelm Reitz who works for Stratmin Global. Takes 10 minutes to read but gives an idea on what impact a "contaminant" has on processing.

They do not need to mention vanadium in a met announcement, but it is a trace element. It's presence in the ore should be reflected in the numbers. It is removed in flotation but at the cost of process recovery to concentrate. For higher process recovery (and project economics), lower concentrate purity needs to be accepted.

I emailed the company last week about the results but am yet to hear back. VRC did not specify where the tested composites were from, nor did they specify process recovery. The first time the company claimed no trace elements in the ore was when releasing "up to" TGC results from Namangale 2. Namangale 1 was shown to have a TGC of 94% at 90% recovery in the PFS, which are similar numbers to SYR's vanadium bearing ore. The latest numbers claim "no trace elements."