Vanadium Price Advances, page-97

I disagree with you Lewis.

Banks want lots of security.

(And and I don’t think AVL joined with TMT simply to get an environmental approval )​

The study lasr May on Bushveld by giant French global bank, BNP Paribas wrote:
https://www.bushveldminerals.com/wp...BNP-Paribas-Exane-Initiation-Note.pdf#new_tab
Page 26:

Investors in early-stage projects typically require a higher cost of capital to reflect the associated uncertainties. ​

Early-stage projects would benefit from policies which provide revenue visibility and stability over the longer-term (20+ years). …​

AVL said it had a 25 year mine life back in early 2022 but I’m pretty sure the definitive resource was only 18 or 19 years and the rest was inferred from reprocessing waste tailings .