There is no doubt about the long term prospective of AXO as long...

There is no doubt about the long term prospective of AXO as long as its customers are alive. There are not so many in the whole world, about a dozen.

The beauty of AXO is its 6mt concentrate contracts for 15 years. That is 90mt. It did cause a problem.

AXO need to find about 150mt reserve to meet the contract obligation. Besides, AXO need to find a lot more if it wants to produce ferrovanadium.

My guts feeling is AXO will never have a chance to produce ferrovanadium because Chinese will keep they busy by asking for more titanomagnetite ore, so Chinese can produce vanadium as by-products in China.

But in short term, the oversupply of shares might put a cap on the share price. But it is OK for long-term holders, and offer a great opportunity to top up.