AVL australian vanadium limited

Ann: AVL Receives $618,904 R&D Refund for 2020/21 Tax Year, page-4

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    I have a quick question about the BFS, in particular the bar chart showing the various costs that contribute to the Opex.
    https://hotcopper.com.au/data/attachments/4854/4854111-20ca72ac1f470a0fc9a6787bdd9c3924.jpg
    It looks to me that the C3 opex of US$6.11/lb relies heavily on the FeTi co-credit of $2.40/lb because without it, the C3 Opex would be US$8.51/lb, and that would place it in the top quarter of the well known C3 cash cost curve. Does this mean that the mine economics here essentially depend on the FeTi credit being achieved ?

    All IMHO, DYOR
 
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