geography and windimurra, page-4

Nice analysis, but I think your overlooking several things. Mxr has gold production about to come online at Sellheim and possible future production at Bird in Hand. These should be able to cover the expense of drilling out Canegrass.
Your saying that the Vanadium market is about to be flooded, at the same time your saying the Canegrass project won't be in production for quite some time. While it's a valid point, there is a good possibility that demand can increase in the intervening time.
The infrastructure is a worry for me. To get the project of the ground will be a massive expense. Also without extensive drilling it's hard to know how good the ore actually is. But I don't think the current SP is overvaluing the company, unlike FDL they have short-term production and money coming in.