Ann: Bankable Feasibility Study for Australian Vanadium Project, page-69

I'm not sure what some of you were expecting. The present-day economics around Vanadium mining means that we aren't talking NPVs in the vicinity of $4-5B here. The numbers in the BFS are not that far removed from those in the DFS previously, and remember, they're conservative. You can't go to financiers with pie-in-the sky numbers in a BFS. In my view the upside numbers of $1.4B pre-tax NPV is where it's at. It's a growing industry with demand for Vanadium likely to boom and so if the price of Vanadium Pentoxide keeps rising and hits say, US$15/lb, then the NPV will be revised much, much higher. Still a whole lot of potential upside for the share price from here.