Ann: Victory Bore Unaly Hill Vanadium Project WA, page-105

G'day Beno

I have started a vanadium comparison with more than 5 projects across Australia. I will finish it late this week and will post on HC. I did the same for magnetite mines recently, but it does take time to do the cross referencing.

I must say the AVL project looks good and is far more advanced (PFS already done). I cannot say which is better SRN or AVL. I suspect SRN will end up better if it can prove up the other 150-200 million tonnes resource, but that is my hunch, yet to be confirmed.

The one thing I would say is that the AVL NPV discount rate of 7.5% looks a bit low firstly for risk and secondly for the fact that interest rates have started to move back up.

I think the secret to winning the vanadium prize is how much the capital cost is to get the mine up and running and the product to port. The interesting debate is whether the final processing to produce the vanadium pentoxide flake (98%+ purity) can be done economically in Australia.

Certainly very exciting times to be in vanadium, glad to be in SRN I must say.

Have a great ANZAC Day........Lest We Forget