re: new strip ratio and drilling I think the positive valuations of both companies come from speculation on an increase in demand for vanadium and so markets will require a lot more V than what is produced as a by-product from the steel making process.
An increase in demand is already reflected in current spot prices which seem to be about US$7 /lb. Valuations that snuff gave at a price of US$8-10 /lb seem quite reasonable.
Check this out and especially the graph:
http://www.mmta.co.uk/economicsFacts/Articles/MetalBulletinMonthly/Sep06-Vanadium.pdf
PMA
precious metals australia limited
