As I see it there are two alternatives for processing the...

As I see it there are two alternatives for processing the Speeway ore.

Firstly, and common to both processes, the ore is crushed to almost a talcum powder grain size, and then the vanadium titanomagnetite can be separated using electro magnets. The iron component is magnetic. At this stage nearly 90% of the run of mine goes to waste. (The good thing is that it has not been contaminated by reagents. There are no tailings dams. It does not pose a threat to the environment.)

There are then two alternatives for processing the vanadium titanomagnetite extract.

Salt roast is one alternative processing system and it is the quickest way to market. It is an established technology, and so there is no need for a pilot plant. It also has a lower CapEx than the Tivan+. The disadvantage is that it produces vanadium only. There is only a single income stream.

Tivan+ is the alternate processing system. It has excellent laboratory results (CSIRO), but is yet is to be proven at scale. Hence the need for a 'pilot plant'. The CapEx for Tivan+ will be larger than salt roast system and implementation will be slower. However the system recovers Vanadium, Titanium and high grade Magnetite. In other words there are three income streams.

There is clearly a lot to consider in evaluating which of the two systems is to be adopted.