Ann: Quarterly Activities Report & Appendix 4C, page-2

$82k operating expenditure for the quarter.........that is not the expenditure of a company doing anything behind the scenes or out in the open.

I see they are still persisting with:

ABOUT PROTEAN ENERGY LIMITED (ASX: POW)

Protean Energy Limited is focused on the commercialisation of the V-KOR vanadium battery energy
storage systems via its Korean joint venture subsidiary, KORID Energy Co Ltd (KORID).

Protean is also developing a multi‐energy mineral project in South Korea through its 50% holding in
Stonehenge Korea Limited (SHK). SHK is a JV company between Protean and KOSDAQ-listed DST
Co Ltd (DST). SHK owns 100% of the rights to 3 projects in South Korea, including the Company’s
flagship Daejon Vanadium Project.

SHK, which had changed it's name some time ago to Korea Vanadium Ltd only holds 100% of the Daejon Vanadium Project (which is due to expire in 2 months) and 50% of one permit in Gwesan. That is hardly 100% of 3 projects!