Hi StockYoda, As nice as it would be we do not have 54MT of...

Hi StockYoda, As nice as it would be we do not have 54MT of Vanadium in the ground.

In total there is about 280MT of ore that contains less than 0.5% Vanadium (from memory about 0.44%) and not all of that will be economic to extract so at most about 1.2MT of V2O5 but the real number will be lower.

I also have a different Vanadium price to you - My understanding is the current price is more like $20/Kg ($9/Lb) for V205 flake.

At 1MT and $20/kg that is still $20B value in ground but please be aware that the titanium value is much higher - $200B-ish. The vanadium is really a by product.

The vanadium recovery project in Finland is aiming to start by processing about 200KT per annum at about 3.9% V2O5 for 7800 T per annum or $156M/yr revenue - still a significant increase on the PFS.

It is worth remembering that the PFS put opex at about $9.35/Kg ($4.25/lb) which would mean a GP at just over $10/Kg or $80M per annum.

As per the PFS the expected capex is $183M so the payback would be about 2.3 yrs - the PFS expected a payback in approx. 4 years - so the numbers are heading in the right direction.

The second vanadium recovery project in the Nordics should increase throughput to 600KT - a very nice business but to put it in perspective a single battery recycling plant is more valuable.