This is probably the most important two paragraphs in the Ann...

This is probably the most important two paragraphs in the Ann IMO:

"""""The team has identified some key areas of improvement that can further improve the Project’s excellent economics. These improvements are in the areas of grind size, roast temperature and time, as well as reagent addition rates.

A key finding of the drilling was the establishment of shallow, highly magnetic material closer to the surface than previously modelled within the current pit design and schedule. This finding is likely to have a significant positive impact on the capex and opex costs during the early years of mining, and consequently drive up the Project NPV (value).""""

Two things, in effect they are basically saying that mass recovery will be higher, and secondly NPV is improved because mass recovery in the oxidised zones will, I suspect, improve (given these are the first areas where the resource will come from and hence will certainly help an improving NPV, assuming vanadium prices stay within the US$10 to US$15 per pound. These two earlier posts of mine explain this further - all IMO. Refer: Post #: 37370812 and Post #: 36854785

For AVL recovery rates are actually very good in the fresh and transitonal layers (plus 85% -90%) but need to improve in the oxidised sections of the deposit where they are less than 50%. The idea around the upcoming testwork IMO is to improve the recovery rates in the oxidised layers - and in the PFS they didn't really change the input assumptions from the previous SS either btw. That is where the biggest upside in the DFS (and in particular IRR - internal rate of return) can come from IMO - improving the recovery rate from the oxidised layers a key for the DFS.

But timeframes to market remain tight and it is about timing to market. Ironically if we took the risks Largo took we probably would be in production now, i.e. given Largo decided to build its mine at a time of low vanadium prices for example by the looks of it, and maybe AVL need to play a little hard ball with those requesting access in the data room to information IMO. Wondering what has happened to the MOU with Win Win if opening up a data room, and maybe the aim here is to either get Win Win to show its hand or AVL just moves on, which is a good thing IMO. I am always mindful that only 1 in 50 to 100 exploration plays ever make it to mining so a bit of mongrel and taking risks is a key to entering the market as a producer, assuming you have an economic resource to develop which I suspect AVL does have.

It is just a question of how conservative management might be in hitting targets, and some management take more risks than others (i.e. look at Twiggy with FMG for example, because IMO if it was someone else I suspect it would never have got to mining and BHPB/Rio would have ensured that by promply taking up the supply gap needed to meet demand and thus lock out FMG out of the market - except Twiggy had more mongrel in him than BHPB and Rio and got there before those two actually saw the threat happen). The reason why I am using this example is at the time I recall people thinking FMG was not a threat and would not happen, but the point of this story is VA needs to get some mongrel in him and start hitting deadlines and take some risks. We are an explorer not producer - producers can be more risk adverse as they are already in production. (KB from PLS also had a bit of mongrel in him as well and ensured he got his Offtakes done by saying sign now or forever hold your peace because I am going to sign with that dude over there if you don't LOL - call the bluff is my point because the demand for vanadium is there and supply is needed to meet demand.)
https://www.vanadiumcorp.com/news/industry/chinas-new-vanadium-steel-rebar-standards-take-effect-whats-next-for-vanadium-market/

All IMO and yes I have had a VB or two tonight for those who might be saying Scarpa is not making sense again LOL