Ann: Vanadium studies update, page-131

I expect the business/financial strategy to be 2 - prong :-  part sell the concentrates and the cash received to fund capex for plant. In view of the scale of the plant, I would not be surprised that KRC goes into JV with a few Strategic Investors (SI). Financial clout of SI is critically important. We are already witnessing some Chinese off-takers, small/medium size corporate, having problems in fulfilling their obligations in the lithium sector. The downturn in the lithium carbonate price in China has an impact too. Am sure TB is aware of the need to engage strong SI.