Ann: DFS delivers A$1.9BN NPV confirming World Class Project, page-260

I think I recall hearing in an interview with VR8 that they chose the V2O5 production rate based on what they thought the future demand would be, but additionally that they didn't want to produce too much V2O5 in case it swamped the market (and lowered the price). But note their stage 2 target of 19.4ktpa of V2O5 is around 2-4 times the production of most of the other Vanadium developers worldwide. As far as I know, the only other mob proposing to produce ~20ktpa is Ferro-Alloy Resources (FAR), but they seem to be still drilling their deposit to generate data for two FS's, due in mid 2023 and/or later. So VR8 are probably a couple of years ahead in terms of reaching FID. Also, FAR is in Kazakhstan which appears to have strong ties to Russia.
Even if VR8 stick to 19.4ktpa V2O5, it looks to me that the V2O5 market will still cross to a deficit in the next few years, especially if VRFBs take off, as seems to be happening.

All IMHO, DYOR