For those not impressed with AVL's numbers today take a look at the opex here. It's double that of TMT or AVL and thus completely uncompetitive.
The IRR and payback rely on a fantasy price per pound of $16 + That would simply never be if this much supply was added to such a tiny market.
The one chance they may have is to get in ahead before other entrants - but that still sees them going broke if any other entrants enter the market worldwide within a few years as the price would definitely fall well below opex here.
Crazy. People are stealing a living promoting this project IMHO.
Ann: Richmond Vanadium Project and IPO Update, page-36
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