gosouth,
IMO the announcement was scratchy as the information is basically now obsolete. Scoping study did not include for any vanadium (big upside here) and from memory there was an announcement post June scoping study that mentioned testing of the ore has shown it is more easily dug and crushed then thought (no blasting required) and so the costs should be even lower.
Last paragraph of the announcment also mentions that the updated scoping study currently being updated will include a Valmin valuation.. i.e a NPV of DCF, IRR etc..
scoping study, page-7
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