How much cash would they really need, remembering it is a 50/50...

How much cash would they really need, remembering it is a 50/50 joint venture so POW only needs to come up with half the cash?

Looking at the mine study update it appears that access to the East mine would be drilled horizontally from near the base of the quarry for just 200 metres to access the resources. The immediate plan appears to be for excavating about 1km (East and West mines) of the 8.3km strike length.

I'd be interested to know what the lead time would be before the commencement of processing of the vanadium. They'd have to put in place infrastructure such as the tailings dam, power access, ventilation shaft, etc.

They already have access to processing so do not need a processing plant immediately, although that is only for low volumes.