Ann: TVN Update on Vanadium Electrolyte Testwork Program, page-16

There will be a bit to think through.

Salt Roast, less risk, proven technology, probably quicker to build and commission, probably cheaper CAPEX, seems like ballpark comparable recovery

TIVAN, probably more risk (opposite of above). But possibly lower OPEX????, and opportunity to prove up TIVAN giving rise to licencing and processing other ore. Possibility of Coproducts like titanium and iron, Possibly Lower environmental impacts/carbon emissions attractive to some offtakers.

Nice to have two good options. Just need vanadium price and demand to increase and make it viable.