Ann: Graphite Vanadium Project on track first production mid 2019, page-29

@grindstone cowboy
As per ann:

"Vanadium will be extracted to a concentrate from the inception of the project and the vanadium extraction process will be integrated into the Stage 1 plant. Vanadium concentrate will be sold to a vanadium chemicals producer or stockpiled for future production of refined vanadium chemicals (98% and 99%+ vanadium pentoxide products). The Stage 1 Graphite Plant is being designed to allow future incorporation of all processing equipment into the larger Stage 2 Graphite and Vanadium plant. Through the production of both graphite and vanadium concentrates, the Company is confident that it will be able to secure binding off-take agreements and associated finance required for Stage 2 development. Stage 1 of the project’s development is expected to be completed and producing a sellable product in H1 2019"

Correct me if im wrong, Vanadium will be extracted from stage 1 and sold as concentrate or if economically feasible as refined vanadium in stage 2. My guess would be it will be sold as concentrate to get $$ coming in.
This is primarily a graphite resource with Vanadium ore contained so im struggling to follow what you are implying.