Ann: Investor presentation, page-4

I see there is progress with the ferrovanadium blokes in WA with the purchase of TMT by Australian Vanadium (AVL) being approved by shareholders and with the start-up of AVL's electrolysis plant. I used to follow TMT but am a bit rusty on the goings on in WA but all in all there finally seems to be some progress. I switched to following the Qld oxide vanadium players and specifically Critical Metals Group - this company - because I got the impression that the oxide vanadium resources seems to offer better capex and opex than the ferrovanadium resources even though the grades are much less. Another factor is that I would like to see that north east of the country develop an industry sector that feeds off its upstream resources but also goes downstream as well: we need to be more than a series of holes in the ground if we want to give kids up there something to look forward to.

From Scott Winter's excellent presentation last November, in the next couple of months we should hear about whether they can include the top layer of their ground into the resource for the mine - that news is a bit late so maybe not a positive outcome there - and about progress with the pilot plant. Also pushing on with enviro studies and networking with other players and the government on collaborating and possible partnering.

Scott Winter said in the preso that he thought that the inflexion point for the vanadium battery sector is now. If that is the case then he needs to up and about and taking his shareholders along on that journey.