imo the issue here is in our 2019 DFS we used $10.80 for our V...

imo the issue here is in our 2019 DFS we used $10.80 for our V price but last year we used $10.50 in the ore reserve estimate when we probably had a 50 percent increase in all our costs if not more. of course the numbers will look average, they looked average at our $8.80lb price assumption in our 2019 DFS

TTP has shown the mean vanadium price inflation corrected from 2004 now is around $12.45. if you compare the two charts I dont think the inflation assumption is to far off the mark and looks about right to me.

in my opinion it comes back to what do you see the vanadium price doing come 2025. what will the market be like for >99 percent v205 and how much of a premium will it command when the market for it is large enough to be able to absorb it all.

sort of agree our numbers will be ballpark with AVL if we use $10.XX V price assumption but that's WITHOUT the assumption of a $2.80 opex offset for a low grade Fe Ti byproduct and without assuming millions of tonnes of ore will be transported 600kms by trucks paying 0.79 cents for diesel. may also add we we had a 12 percent contingency in our capex vs none for AVL, plus they have poor recoveries in the early years while debt is high.


so to sum it up Im not buying TMT cause I think the long term average price will sit at $10.50 which is below historical average since 2004 (inflation corrected) when it's about to have an entirely new demand that could equal steel demand by 2030. I expect long term average to be around $12 mark conservatively but more likely higher then that and if we are lucky come 2025 with current depressed prices we may even see one of those crazy spikes and pay off our debt in 12 months like largo did..

you need to stop comparing TMT and AVLs numbers without giving the full picture and trying to push ur South African agenda.