Ann: Vanadium Metallurgical Test Work Update, page-3

Well well well, retweaking process to also recover nickel, cobalt and copper. Nice credits in the recovery process to hopefully further drive commercial viability of its vanadium deposit. Over 90% recovery rate of the vanadium is ok, but would have like a recovery rate higher than 95% but such is life.

The recovery rate is still better than what the lithium sector gets for getting to 6% spodumene (there 80% recovery from ore ore to spodumene). Just putting this out there just to show the recovery rate in vanadium is higher as well which is good in limiting costs in relation to vanadium batteries in the stationary energy storage market (given this is where vanadium is best placed to compete with lithium in the large scale electricity storage market as what you are seeing in some Chinese developments). Obviously lithium will dominate the EV market.

Obviously as more vanadium mines come into production expect vanadium prices to reduce a little - a good thing given the price of vanadium is a key sensitive assumption to takeup of batteries in the energy storage market and obvious point - so the credits here are going to improve commercial viability here IMO.

All IMO