Just relative to market cap. At 10* market cap the Capex is too high.
3 years to production plus payback period of 4 years means a lot of time for vanadium prices to move. Vanadium prices really need to stay at these levels or go higher for nearly a decade. Small margin of error
I don't think they were conservative enough in the PFS and with all the metrics known what's the blue sky from here
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