Ann: High Grade Assay Results Continue at SPD Vanadium Project, page-29

In ground value has next to no value when assessing a project and especially a Vanadium deposit. As we have seen with some Aus based deposits, you can have huge tonnage with theoretical value of trillions in the ground however when you apply huge capex figures and high processing costs, it makes the deposits completely worthless given they they will never be mined.

What would be of more value is taking assumptions based on a company like Bushveldt and applying our known variables to get an NPV estimate.

FYI Vanadium price can be found here:
https://www.vanadiumprice.com/