Depends on your investment time horizon and risk tolerance. I...

Depends on your investment time horizon and risk tolerance. I think this stock is undervalued at these levels as the company has an Measured, Indicated and Inferred Resources totaling 3.159 Billion tonnes at 0.3% V2O5 and 2% which is larger and higher grades than other operating mines with a NPV estimated at $500>.

Also there is other reasource near the deposit that will likely add value to the project. However it is worth remembering most of the 3.159 Billion tonnes is in the inferred category and has been assumed on modeling thereofre it is up to further drilling to move it to a indicated reasource.

I am confident in good drill result in the future and significant price appreciation. However not a stock for neverous people have been in it since capital raising at $0.215 more than a year ago have watch it climb as high as $0.55 and as low as $0.20 with huge movements in between. Do lots of research there is research at the companies site http://www.niplats.com.au/display/index/investors-research
martin place securities covers this stock.
http://www.mpsecurities.com.au/publications.php?year_value=2010&submit=submit