HRZ have 25% of a project with an opex of $8.86 a pound? Double that of here or the neighbors? With those IRR and payback figures you mention relying on $16.44 a pound! (rarely achieved) I'd avoid that IPO like the plague if I were you. It's simply not gonna happen. Because if it did, and any one of AVL, TMT, TNG or VR* or a half doz others did, the price of vanadium EASILY falls to well under the opex there, think $5 or $6 a pound tops - if it could be sold at all given the tiny market. Financiers will see that.
Reality is setting in for the many vanadium hopefuls. Only one or two at most will make it. That ain't one.
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