Ann: Update on Proposed Vanadium Offtake Agreement, page-37

Agree it hasn't been great in terms of progress. But I can almost guarantee you the perspective would probably be a lot different if we could be inside the TNG walls though.

As Vlad suggested above, we hope and assume that companies operate in good faith.

But then you get scenarios with little exploration minnows like TNG making deadline announcements to their shareholders "we'll arrange deal X by date Y with monster conglomerate Z".

So what happens as that date approaches? Who's got more on the line to deliver and get the deal signed? Who has the upper hand in these negotiations? The guys with the money that's who. and in this current climate, and this specialized industry, there's not a heck of a lot of them going around.

It would be hard to motivate the big companies to sign the dotted line and push on. Not in the conceptual/planning/procurement sort of stages anyway. But I'm feeling rather optimistic we're perhaps finally in those final stages of that "slow burn" period.

It only takes one domino to start that big chain reaction.