Ann: Investor presentation, page-2

Haven't compared this slide deck with the previous one CritMin released a while back. Obviously there is a focus on the recently released scoping study in this one. A good read. A big benefit the Qld vanadium companies have over the ferro guys in WA is that the Qlders' capex is typically substantially less than for what is proposed in WA. Lower opex too from memory which means the Qld outfits should be more resilient to the inevitable ups and downs of the vanadium price than the higher cost ferrovanadium projects. Th 17% IRR does not knock my socks off but at least it is better than bank.

The slide about all the projects the Qld government is putting in is good but what really needs to happen is that they get on with those projects now rather than later. Also the pilot plant funded by the Feds to be built in Brissie is many months behind schedule. At this stage mostly all talk and no walk.