Ann: Vanadium Recovery - Landmark Commercial Agreements, page-19

Was pretty busy with work when this came through yesterday.

I'm actually hopping that this one stays in as core business rather than a spin out. I think there is more likelihood that it will as it aligns with the Urban Miner goals for the business. I can't go into the weeds on predicting profit margins as its not my strong point and as stated the supply agreement is linked to the Vanadium price and grade so subject variations anyway.
(· Prices for Slag are linked to Slag grade and prevailing FeV80 vanadium price, with adjustments
against a reference grade of 2.2% V (3.92% V2O5) for each shipment. )
With NMT stating its likely to be in the lowest quartile on the cost cure I'm just going to assume that it will be favorable. Also you wouldn't be looking at a second larger plant if you didn't think the economics were going to stand up so happy to put my trust in management there.

The thing that gets me excited however is the future possibility of being allocated carbon credits due to the sequestering of emissions in the process on the European emissions trading scheme. Although I am struggling to find out if thats even possible with the EU scheme like it is for other markets around the world. https://carboncreditcapital.com/faq/#:~:text=If%20a%20project%20can%20quantifiably,25%20years%20of%20coal%20emissions.

If it is possible it may end up being an unintended second income stream from the vanadium projects, with companies able to trade Carbon offsets over an open market. These offsets will become more valuable over time by design too.

For anyone interested have a look at this quick video of some of the main points which is taken from a much longer interview which i watched and found very interesting. For those with time on their hands and find the short version interesting the long version is also on YT and it would be easy to find from this one.