Ann: Retraction - High Purity Vanadium Pentoxide Produced, page-11

The funny part is if you increase recovery, and all other things remain equal, well you would expect the IRR in the initial Dec PFS to go up. So not sure what is the ASX’s issue as would be common sense. Obviously in terms of the DFS all variables need to be confirmed given a PFS is plus or minus 25%, whereas a DFS is plus or minus 10%.

One of the key things though is we need to get the figure up to 99.5% btw for electrolyte, i.e. battery grade V205, but would appear with a little refinement in process can achieve that. Obviously producing 99.5% in the lab is one thing, but it is how it translates to cost is the issue at the coal face, been the mine. But getting to 99.4% by what appears to be a simple process suggests the US$4.13 per pound opex cost for min grade 98% V205 (that will serve the steel market) can be met.

Let’s see how they refine the pilot work to get to 99.5%, and how that work and costs translates to the DFS.

All IMO