In the latest crux interview Chris indicates the vanadium...

In the latest crux interview Chris indicates the vanadium recovery project is a 400M Euro project. He also indicates the equity component is worth 160M Euro (ie 40% equity and therefore 60% debt funded). This is the same debt / equity split that Darren Townsend (the guy that heads up this project for Neometals) indicated in his July 26th Crux interview. Neometals currently directly owns 72.5% of the project and Critical owns 27.5% (Neometals is also the major shareholder of Critical with 18% holding). The shareholding holding in Critical therefore indirectly equates to another 4.95% of the vanadium recovery project attributed to Neometals.

Disregarding the shareholding in Critical, as a hypothetical and going on Chris’ numbers in the interview, if Neometals diluted down to 10% (ie sold 62.5% of the direct ownership in the project) that would generate approx 100M Euros and they would also retain the 2.5% royalty. These figures are interesting when you look at the NPV from the feasibility study of USD323M. The capex in the feasibility of USD314M is stated to +/- 15% accuracy and includes the prepayment of some but not all of the slag from SSAB.

Neometals current approx market cap = A160M (USD100M  or 96M Euro).

Link to relevant feasibility study and crux interviews below. All IMO and DYOR.

https://wcsecure.weblink.com.au/pdf/NMT/02641033.pdf



https://www.cruxinvestor.com/companies/neometals#company-videos