My notes complementing the slides, though not much is newStaged...

My notes complementing the slides, though not much is new

Staged development
Focus moved to building YB first

YB:
Very simple open mine operation
Much lower entry point, while also dramatically reducing funding requirement and risk for GVP
Leveraged to take advantage of iron high price cycle

Drilling program under way to extend and define the YB resource
Currently around 22Mt resource with the open pit design
Good head start from having GVP studies already done in terms of most of the infrastructure requirements
Going from low volume high value product (GVP) to higher volume / bulk commodity (YB), additional logistics considerations required
CMB circuit in the red square of Page 7 is to be built at GVP providing pre-investment capital for GVP and in the meantime will generate significant cashflow for shareholders

High iron grade, high grade V byproduct and high recovery rate for a magnetite project
Revenue line extremely robust for the project with Platts 65 and payability on the vanadium
Very consistent grades across the orebody

Guidance of what they see the production level is @1.5Mtpa
EPC - Sino are very familiar with magnetite deposits so their engineering expertise is valuable


GVP to be built after YB
Currently has 16 years mine life but massive scope to extend the mine life with further drilling over time
Shallow oxidation and high crusher feed grade in excess of 1% V for at least first 12 years are the two key points of the low operating costs