Ann: Over 100% of Phase 1 Production subject to Offtake MOUs, page-22

if Bushveld go bust, its not necessarily good for VR8.It could go the other way. Just think about it. The Vanadium mine next door goes bust because its not economically viable, and then VR8 management go the financiers and ask for A$329 million to build a new vanadium mine, in the same jurisdiction and the same economic climate. I think most astute financiers would say "pass" on that request. Maybe if BMN go bust in the near future, and the vanadium prices spike soon after and remain high, then it might get funded.

all imho, dyor