Ann: Macquarie Bank Australia Conference Presentation, page-4

Yes this seems to be the hidden gem.
Worth noting that at recent presentations Vanadium is always mentioned but there is no expanding on what is proposed.
As set out In Redgum's post of 28/2/16
it is easy to forget about the ‘contaminant’ in Syrah’s graphite ie the Vanadium. The recovery of the contaminant is apparently a relatively easy process as it does no more than sink to the bottom of the graphite washing tub where upon you suck it out and store it. Cost of recovery – minimal. However never really quite that simple as to raise this ‘waste’ to concentrate level suitable for shipping requires a lot of energy and for this SYR will be dependent on Mozambique off-shore gas expected to be available 2018/2019.

Management obviously have the matter before them and in Mr Curly's notes of 17/11/15 included the following
Land reserved for vanadium plant. Pilot plant in China producing vanadium for sending to customers in the Redox flow battery market
and again 27/5/16 Part of Mr Curly's notes stated
Vanadium. Balama is the worlds biggest vanadium deposit as well, but the focus is on delivering the worlds largest graphite project first. Vanadium will be sent to the tailings initially. The world needs the graphite

As Prime1 pointed out company's confidence is showing in its recent announcements and the fact it now has a BAM site in USA will add further confidence to market.
Recently announced $20b Natural gas plan approval by Mozambique Gov
might also push along the vanadium side of Balama