npv, page-13

The vanadium concentrate SYR reported was vanadium pentoxide, not ferrovanadium which is priced 3-5 times higher. To produce ferrovanadium they would need a plant similar to Windimurra which is not cheap and as simple as the graphite. I believe to keep costs and risk down initially they will produce only pentoxide which sells for $5-6/lb which would cover alot of the graphite opex.

See below example,

http://www.largoresources.com/Investors/Press-Releases/Press-Release-Details/2013/Largo-announces-positive-preliminary-economic-assessment-for-the-expansion-of-production-at-its-Maracas-Vanadium-Project-Braz/default.aspx

Also, the potential vanadium production is dependant on the marketability and volume of graphite they can sell. Suspect the interest in the new "green minerals" is a way to produce more vanadium for the same amount of graphite which would be positive.