"
There is also the 40% vanadium production not yet subject to off take."
I believe it was communicated at the 2018 AGM that initially 100% of the Vanadium would be used in the Steel Industry (while we wait for world demand for VRB's to become a reality).
If this is the case then PB should do more make this known to shareholders. He did say in the last BRR he would more lift the value of the SP. 
The WOOJIN Vanadium off-take agreement says;
1) twice that it is 'up to 60%' .. which means between 0% and 60% ... and hence still at least 40% outstanding 
2) yet in the same document (also twice) that is for a 'minimum of 60%' ... which means between 60% and 100% 
http://clients2.weblink.com.au/news/pdf_1%5C01606642.pdf
