As a public service announcement I would have to advise all...

As a public service announcement I would have to advise all holders of PMA that thay should carefully consider their position. This is particularly true following the 15 year offtake agreement announced today by AXO.

I firmly believe that AXO will destroy PMA as it is "only" producing vandadium as a side product - while it is all PMA can produce. In addition the vanadium grade used for the cutofff of assessing Balla Balla is higher that PMA's averae grade. Add in better location and much closer to infrastructure and things are looking fairly rough for PMA.

In addition, a producer of the size of AXO will effectively remove any excess demand (they may be producing over 20% of world demand - for up to 100 years based on what they have. Given that Vanadium is a niche speciality mineral (ie there is not unlimited demand like for Gold, Iron Ore, Nickel etc ...) and that AXO will be producing it as a mere byproduct, I think PMA's (and indeed Reed Resources) Vanadium plays sadly have little chance.

Please DYOR and don't just rely on me.