Ann: Merger Presentation, page-576

Nobody could have forseen how the Vanadium market has crashed over the last 6 months, certainly not RCF and Regal. The 98% V2O5 price in Europe continued falling, yesterday dropping to US$6.40/lb. This makes it very hard for any developer to make an economic case to secure capex financing. Upward pressure on the V prices due to the emerging VRFB market has not yet ocurred. RCF and Regal surely must be looking at their V investments with some significant concern. They can explain it all they want in terms of investing contra-cycle etc. If they truly believe their own analysis, they should have no objection to offering TMT holders a cash payout option rather than AVL shares. Let's see if this transpires.

All IMHO, DYOR