I really like this update and there are a few things in there...

I really like this update and there are a few things in there that are very positive.

If they can have a PFS done by November and hopefully some offtake agreements as well by then, would be fantastic and not far away.

Vanadium Extraction Progress:
This work is being conducted in parallel with the PFS. The aim is to achieve extracƟon of vanadium directly.
Preliminary test plan developed and tesƟng underway. If successful it will be incorporated into the PFS.
Also
Process Plant Options
The company is assessing potential options for processing of Victory Bore concentrate in offshore locations to
provide operating and market advantages. The company has engaged with several offshore proponents and
will provide an update when agreements are reached.

This is extremely important information because selling concentrate would be far cheaper than processing here in Australia due to our high energy costs that would be required. You would need a lot of gas or coal to produce the high temperatures required to process concentrates. Now whether we sell the concentrate and make good money or we have a JV with an overseas company to process it, is a great idea. Off the top of my head it would be somewhere where cheap gas is abundant and the middle east would be a great start to look at.

High Purity Alumina (HPA) progress:
This work is being conducted in parallel with the PFS. It comprises a separate study on the potential for
production of High Purity Alumina (HPA) from the waste and host rock at the Victory Bore Vanadium project.
The work is being undertaken by Lava Blue Ltd (see ASX release 20 March 2023). Initial testwork including
leaching and concentration of liquor completed. Approaches to optmising aluminium recovery in leachate are
being investigated.

The HPA is the icing on the cake and they should be able to give us more info on this prior to November as this would boost profits immensely.