Broadway, page-2

Re the Vanadium, I don't think that they have done those tests yet but they did state the following in the latest announcement -

"The results show that 78% of the vanadium was recovered in to 38% of the original mass at a grade of 1.1% V2O5. This initial work provides a solid basis for further optimisation work to upgrade the run of mine ore by physical separation ahead of downstream processing.

Next Steps
Optimisation work is now underway to further improve the initial results ahead of downstream processing testwork using proven but commercially sensitive and proprietary technology. This optimisation work is expected to be completed in the September Quarter of 2018. Further updates will be released in the December Quarter where the results do not conflict with confidentiality agreements. Infill drilling at Lilyvale is planned for the September Quarter to upgrade the resource and provide additional samples for ongoing testwork. " (my bold)

They also stated -

Lilyvale Prospect
"Lilyvale is located 20km northwest of the Richmond Township and in close proximity to the Flinders Highway and Great Northern Railway line. The current resource totals 671Mt grading 0.35% vanadium pentoxide, 274g/t molybdic oxide1 and commercially significant copper and nickel mineralisation (Figure 4). The deposit is 10-12m thick, up to 5km wide and over 6km long and is open in all directions. The prospect is hosted within marine sediments and differs significantly from the hard rock titaniferous magnetite deposits. The mineralisation commences 5m from the surface and, as with all the prospects, occurs in two different facies: (my bold)

1. Oxidised coarse limestone rich clay unit from surface to 15m depth where the oil has been leached out and enrichment of vanadium and other metals has occurred (Figure 4). Previous test work had shown that over 90% of the contained metal lies in the -38µm size fraction2

2. Fresh fine grained carbonate – clay – oil shale unit containing vanadium, molybdenum, nickel, copper and significant oil content of 65-75 litres of oil per tonne of shale2

Initial development work will focus on the upper mineralised zone at Lilyvale as it:
 Is the highest grade based on the drilling to date with the mineralisation 4-5m from surface
Can be mined simply by free dig open cut mining at very low strip ratios
Is amenable to low cost removal of the coarse fraction via scrubbing, trommelling, screening, cycloning and flotation to produce a high grade intermediate feedstock grading ~1.5% - 2% V2O5. Metallurgical testwork continues at two research Laboratories in China to further assess the optimal upgrade ratios and recoveries.1,2
Has been subject to extensive downstream processing testwork for metal extraction.
Is close to road and rail infrastructure, ports and Asian markets"

So the deposit differs from KRC by being in soft ground and close to the surface and hosted in marine sediments, so no titanium mixed with it. AXF have committed to spend the 6 million so IRC is free carried up to the point of mining, as I read it.

Hope this helps you, feel free to ask me anything.