Surprise in store, page-2

I think you might find that GVP was the flavour of the past few years highlighting "pure vanadium". Still hot sector and everyone understands the vanadium beast awaiting future demand for VRFB. Large CAPEX and still the risk is a bit high even though offtakes are lining up.

Iron: The hottest commodity right now and TMT have a premium product.

Vanadium: As stated above to meet the steel industry and future applications.

Titanium: The same as vanadium and currently in an uptrend on price.

As long as TMT gets something into production I am all for it. 3 metals are better than 1 and less risk across production. The benefit SINOSTEEL need all 3 and can assist in the project funding, Engineering and Procurement.

The other thing is I reckon the GVP offtakes wanted to much equity and terms for finance for Ian to stomach. The industry knew it could strong arm its way into GVP due to the large CAPEX numbers.China is negoiating 5% - 10% reduction for long term contracts at todays prices which puts us too close to cost numbers for the project.

Yarrabubba with revenue attached puts Ian in a different negotiating position once Yarrabubba is in production.

Vanadium is still needed it is just not its time right now but that could change in 12 months.