Ann: DFS delivers A$1.9BN NPV confirming World Class Project, page-338

I still have a very small holding in a silica developer VRX, but mostly sold out. It's interesting to do a quick comparison between silica (a bulk commodity) and V2O5 (a high value product). For average grade silica (98%), you can produce it for maybe $30-$40/t, but it only sells for $50-$60/t, so you have supply huge volumes to make any money. VRX were proposing to supply ~6Mtpa. But the killer is the transportation cost. Any slight rise in trucking or shipping costs (e.g. $10/t) and your profit margin gets destroyed. In contrast, V2O5 sells for ~US$20,000/t, so the transportation costs are utterly negligible in comparison. I'm much more comfortable investing in V2O5 as a high value end-product.

All IMHO, DYOR