Ann: Electromagnetic Conductors at Coates Project, page-46

Pretty sure most public companies are like that, sucking investors money. The opportunity lies is in the timing. Have a look at PDN. Back in 2020, they had a huge pile of debt, were burning $60 mill pa (the management alone consumed $8 mill pa), and had less than $60 mill in the bank. The SP did not collapse. In fact it kept rising, and PDN was able to raise lots of money a few times and eventually paid most of its debt. Any value investors would not chip in their money into PDN in 2020. It was a failing company by any valuation metrics. But why did PDN succeed in raising hundreds of mill? Because of timing and the sense that nuclear energy would be needed to fight climate change.

The vanadium market is about to receive a huge pile of money from institutional investors as it is a critical element to fight climate change. The same miracle that happened to PDN could happen to any decent Vanadium companies. I agree that AVL is not the best, but it is one of the decent ones (compared to most ASX micro caps). Unlike PDN, AVL has almost no debt. 200Mt resources with 0.74% Vanadium are attractive enough for institutional investments. The vertical integration that AVL has been planning and building (from mining, to producing electrolyte, to selling VRFBs) is unique. No other ASX vanadium companies do what AVL strives to do. Solar rooftops combined with VRFBs are really the best renewable installation for households. There are 8.3 million households in Australia. If AVL serves just 30% of that market, the revenue stream would be huge.