Ann. out - Exception high grade intersection, page-100

I have heard - Word on the street is SYR had just been prettying herself up for a T/O and never had any intention of becoming a producer in it's own right and then TON has come along with a plan to beat SYR to market and that scares the hell out of you. We still have over 60% of our drilling to report and most will be from our higher grade zones in the North... Pretty sure we'll be raising a few eyebrows in the next couple of months and I look forward to more of our little chats... Particularly when our V2O5 results from the north are released. Our VTEM to drilling correlation is robust and given we have 10 times the land holding than our neighbour, which will take years to drill out - if we can be bothered ...given that it will be the same types of results as the rest of the system....appears u just have to look for the strongest VTEM signals for the higher grades? - so when we indeed prove to be IMO by far the largest high grade vanadium and Graphite resource on the planet and have identified our hundreds of millions of tons of high grade hot spots to cherry pick for market... Then what???? Should we buy out SYR so u n I can be on the same team???

I'm sure others here will also have comment for you

KL - will they ever learn?