I think in the end you have two projects, both with interesting...

I think in the end you have two projects, both with interesting economics. You can keep a stake in both, either outright or in part. Both require funds to develop. You have data coming out of Graphite/Vanadium that would normally trigger valuation increases, but your SH down rate you. You have economics in the ruby industry that are pushing up every other player but no reaction. Many of the ruby side are downrampers, many of the vanadium investors get nervous about the ruby side.
At the end of the day you cut the ruby business completely instead of going JV to get rid of the downrampers and allow the share price to move again with the now unencumbered vanadium investors. You have a good chance at fund raising going forward. Fura's investors seem to have a better sense of gem economics based on SP and interest (disclosure: I hold them too) so they are likely to stump up for the drilling and then the further funds necessary over that to go large scale on results, plus add other products. Downstream industry players will invest in them.
Vanadium investors are likely to have a good appetite for further development. Some refined data releases will see them move in accordingly based on equivalent stage peer valuations.
The interesting part will be the details given about the basis of valuation of the Fura shares going forward. Are they preferential? Are they adjusted for near future fundraising and dilutions? Are there any board representation expectations? The details and statements about length of expected holding will be useful in assessing the true expected future value in the transaction.