SHARE PRICE PREDICTIONS, page-99

no one is saying this is 29c a share next week…. Haha

for me, once we are fully approved and permitted we will be at $300m (3.4c a share), fully funded with construction underway at $1b MC (11.6c a share)

at 12500mt and $8USD vanadium price (long term average) and $5USD/lb costs we will have free cash flow of 1.9b a year less ongoing maintenance capex spend, income tax, depreciation etc.

suddenly the 2.5b MC is very achievable. This isn’t factoring in the electrolyte business.

I don’t expect the shares on issue to exceed 12b. Currently at 8.6b and my view is that most of the required capex can come from NAIF/ARENA, commercial banks etc.