Ann: Company Update through Proactive Investors, page-23

the lowest cost producer stuff is all pie in the sky they haven't got the worlds best resource! neither does TMT, largos by far the best resource but it is limited and won't last forever , if you want to increase your capex by processing iron and titanium and using that to offset your vanadium opex good luck may aswell sit along side the low grade resources , BTW TNG already claim to be the lowest cost producer in the world. they claim $2.50 a pound opex

guess what it took tng 4/5 years for a titanium offtake and only Just got an iron Offtake. you really think vince is cabable of three offtakes for 3 different commodity?

as for not bolting ahead cause the price is depressed, what a load of crap! you don't want to be reactive to V price! you want to be ready to go way before the price moves. no point being at PFS 6.0 by the time the next boom comes around!