My gut feel is management here need to have a good look at...

My gut feel is management here need to have a good look at themselves. The timeline to mining has been blown out because the PFS will need to be redone IMO - that is what I suspect the funds are for btw given the change in the process flowsheet. I went through why that change in this post a few months ago after a certain Ann came out
Post #: 38791252

Given AVL has also yet to start the environmental process, and as yet has not done a revised PFS (nor a DFS), I can't see production here starting in 2020/21 either btw.

I see the cautious way AVL has been progressing the project as its main impediment as well constant blowing out of time lines as well.

In terms of viability, need the vanadium price to improve as well as I posted in the TMT thread a while ago so will be very interesting the price assumption underpinning the TMT DFS (as will have obvious implications for AVL) : Post #: 39821623 and Post #: 39852007

Unless the CR is with a strategic investor/partner all I will say is I don't get a lot of comfort from the CR (and especially knowing VA sold for apparent 'tax' reasons less than two months ago, enough said). As I posted here the other day I no longer have a large holding here, although still think the resource is good, just the dithering has been really annoying here.

Last cash flow they had $4.4 million in the bank, so I suspect they need to redo the PFS before the DFS hence why they now need more money. The timing of the CR is strange so lets see what Wednesday brings.

All IMO