You are correct HR , They issued a Pre-Feasabilty Study last...

You are correct HR , They issued a Pre-Feasabilty Study last October so we are waiting
these are some excerpts below from that report .the key thing is at the time US $7.10 was deemed profitable the price is US$7.80 and rising

Pre-Feasibility Study based on an initial 20 year life demonstrating a financially viable
project with the following key metrics 3
:
o Shallow open pit mining producing 81.2Mt at a fully diluted grade of 0.49% V2O5 for
15.8Mt of 1.82% V2O5 concentrate with concentrate production on site
o Refining overall recovery at 86.1% produces 254,000 tonnes of 98% V2O5
commercial grade flake with average annual production of 12,700t V2O5
o Modest up-front capital costs of US$157.4m and operating cash costs of US$5.53/lb
of 98% V2O5 flake
o At current spot price of US$7.10/lb V2O5, project generates NPV8% of US$150.0m
 Discussions with potential offtake partners advanced with significant interest received4
 Preliminary Environmental Assessment (PEA) Report completed with the joint venture
partners reviewing costs and timing for advancement of the Definitive Feasibility Study