Ann: MD Presentation, 121 Conference Cape Town, page-3

They are really winding it up here.

TIVAN Processing plant production , 700ktpa magnitite consentrate produces 500 ktpa Fe2O 6 ktpa V2O5 and 100 ktpa synthetic rutile. Thats a loss of only 94ktpa before further refinement of titanium pigment.

Then if 3 products isnt a clincher 1 tonne of magnetite concentrate under traditional extraction yields 6.93 tonne V2O5 while TIVAN will extract 8.53 tonne.

With titanomagnetite the future source of iron, vanadium and titanium this is a real game changer technology.

I do think that the big game is only now coming to the park.

Historically we have all been rightly frustrated. At the moment im seeing a gradual lift in company profile, a repairing of historic timetable issues and new confidence with a TNG fearuring as a market darling by mid year.