Sent to Julie Harrs, 2011, Brent answered me the following after Bryon putout a "Sell" rating Report on EGZ/ENZR. The Email to Harrs is after Brents email to me. They Never addressed the false statement the Bryon about the Sakoa infrastructure dependency by EGZ/ENZR. This is Stock manipulation by Bryon to drive the stock down. IN MY Opinion. -----Original Message----- From: Brent Nykoliation To: Sent: Mon, Jan 31, 2011 5:41 pm Subject: Fwd: Byron - We are not sure why they have issued this "report" but for whatever the reason, there appears to be a concerted effort to do some damage to us. They even went as far to spend money to have it press released today which is unprecedented (the companies being covered issue the PRs, not the other way around). Some facts and comments: - Byron are hired guns, both Largo and American Vanadium Corp. (AVC) hire Byron to push their projects. As a result, Byron exclusively supports them and you will notice that any articles or press releases featuring Byron or their analysts only speak to Largo and AVC. - Byron asked us to participate and lead our latest financing (they co-lead and participated in the last) and we decided not to include them for various reasons and instead do a non-brokered financing. As well, AVC approached Energizer last year to consider doing a JV with us and we declined. - Their comments about the nearby infrastructure are false. Our project is not at all dependant on the Sakoa coal project and we see it as a very serendipitous that the project is there and appears to be moving ahead ahead of us. Lastly, we have been contacted by many brokers today and all commented that they have never seen this before, where a research company comes out with a sell order on an initial research report. We really don't know what is behind this targeted attack on us but I think you can read between the lines. We are not phased by this in the least as underdogs will continue to take shots at the "top dog". As for Cellstrom, we understand that they are doing a procurement deal with a vanadium producer in Europe who can get them V2O5 this year. Brent Nykoliation Vice President of Business Development Energizer Resources Inc. 141 Adelaide St. W, Toronto, M5H 3L5 T 416.364.4911 | F 416.364.2753 bnykoliation@energizerresources.com | www.energizerresources.com Dear Ms. Harrs, I just heard that Byron Capital put out a sell rating on ENZR ?? Is that true ? Did Dundee get a peek at that report early ? Now, both Bryon and Dundee( Which pretty much sold out of ENZR) are financing American Vanadium , which is rumored to have a deal to supply Cellstrom with Vanadium This is so discouraging for me , I have a million dollars tied up in ENZR and have been underwater for years. I have "Stayed Tuned" for years now.. so whats up now? Regards, =