Takeover by Dec. ?, page-5

You never know.... but I'd be very surprised if the like of EVN or NGF would show their hand this early in IRC exploration programs on IRC nearby projects to their plants

I wouldn't be surprised if later next year we have them keen on doing 40-50mill+ AUD cash deal+per ton royalties on Teal/Binduli projects close to their plants if we see IRC prove up good JORC reserves

Then we could see a very cashed up IRC moving funds to ramp up exploration our other prime projects like Lakewood/Menzies/Yarmany (you know the other Company Maker project areas)

Along with Toll treating Anthill + Goongarrie for another 15mill+ etc

The Vanadium going forward could be another revenue stream with IRC funding our 25% share into production

10mtpa = 25,000t V205 x 45k AUD pt =1.125billion AUD gross cashflows pa 25% = 281mill IRC share pa
(EBIT = 100mill +???pa )

So longer term outlook we could well see our 25% Vanadium share be a very valuable project for IRC with the Gold the spin-off ??