Ann: MOU WITH LEADING VANADIUM REDOX FLOW BATTERY COMPANY, page-17

Ultimately it is about the vanadium price here, as the groundwork has been laid to get into production. Whilst over the fence they continue to fluff around.

The DFS here was based on a vanadium price of US$10.88 per pound, with the post tax IRR at 27.3%. Vanadium prices IMO have bottomed, so trend will be the uptick, as Europe have now prices at about Chinese prices (which is a good sign), whilst before prices were lower. Prices though still at about US$6.20 per pound. Will be interesting when they start rising, and whether the issues around COVID-19 in Brazil and South Africa will impact supply btw (thus becoming the trigger of price movements upwards etc etc).

A while ago I posted this in the AVL thread around vanadium need in batteries, as well as a general view as to why prices have remained static despite the Chinese saying more vanadium in steel etc. If interested, some further data in this post - Post #: 44275995

All IMO