Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-14

Good find for the items @dbd25

Only to get more awareness from those articles, here some excerpts, that seem important to me, if you read these carefully

> "Europe V2O5 up by nearly 12% due to tightness following ferro-vanadium gains.
> Largo Inc. Q4 2021 production fell due to heavy rains in Brazil.
> Vanadium is traditionally used to harden steel. New Chinese rebar standards are requiring more vanadium. Also Vanadium Flow Batteries [VRFBs] are becoming increasingly popular especially for commercial energy storage, most notably in China. Vanadium Pentoxide [V2O5] is used in VRFBs and Ferrovanadium [FeV] is used in the steel industry.
> In April 2021 Wood Mackenzie report stated:
Furthermore, we expect the global (energy storage) market to grow 27-fold by 2030".

From the other article, this should not be insignificant imho:
> "VR8 is developing a proprietary ESG technology for the project..., completely independent of the Salt Roast Process, which are currently not possible with the existing conventional processing methods.
The technology is being developed by TCM, which formed a joint venture with VR8 during the December quarter. The new entity has been registered as TCM-VR in the Republic of Ireland".

And to add a completely new aspect to the discussion, here is a research report
https://magicvalley.com/news/local/inl-researchers-find-way-to-make-new-cancer-medicine/article_aeb0ca60-b28f-5aee-ae90-78b8cca892c8.html?fbclid=IwAR1OdISbbvV66CUC8olycfTDcWmQmxVwO22KdzbWcdKIYGo-bxJOo8DwkDA

> "A step beyond X-rays, nuclear medicine involves introducing small amounts of radioactive materials into tissues and organs to make detailed images for diagnosing and treating diseases, especially cancer.
> Now, for the first time, Idaho National Laboratory researchers used a novel technique using high energy photons to produce scandium-47 from the element vanadium.
> Using vanadium to make scandium-47 is not only less expensive and more widely available than using calcium or titanium targets, but it also produces far fewer unwanted, hazardous scandium isotopes.
> Natural vanadium has several benefits over enriched calcium and titanium as a precursor to scandium-47. First, it’s relatively inexpensive. One gram of natural vanadium costs about $30, compared with between $5000 and $80,000 a gram for enriched calcium and titanium. Second, natural vanadium does not contain as many impurities as calcium and titanium".

So think about it, $30,000/kg for medical grade vanadium. Might be worth exploring our resource furthermore ...just sayin' !!