Patersons Research Update, page-76

Looks like Vanadium is a solvent extraction (SX) process. A lot of infrastructure is required for these sorts of plants. I'd expect that we'd be looking at something like $50 - 75M minimum to have a matching SX plant. Effectively the Vanadium would have to stack up on its own as the money to mine/crush/grind would normally constitute about 30% of the CAPEX in a plant this size, and about 50% of the OPEX I would estimate. In this case the cost to produce is at least reasonably discounted by the mining/grinding costs being more than covered by the graphite sales.

Given the guys are effectively spinning their wheels and burning cash, I'd be pushing for the graphite plant to be built ASAP and then bring in the Vanadium as it proves itself (need to see if the recoveries are reasonable at the current grind size). In saying that, if all built at the same time there are some CAPEX savings of say $10M, you might wait if there is a substantial NPV upgrade by recovering all Vanadium (rather than missing the production from the first 12 - 18 months - the tailings produced would likely not be reprocessed if they go into Vanadium processing in the early days based on their current TSF design but that could be modified).