major new vanadium discovery, page-26

PMA are looking to be the first to mine, they were in business before some skullduggery with Xstrata and arguments with the WA Govt. Unfortunately they hired the skills of ex Premier Burke as a consultant, this backfired when he became known as ex Premier Mud.
To clarify on their holding not including recent drilling.
Resource
Million tonnes Grade (%V2O5)
Measured 64 0.47%
Indicated 66 0.46%
Inferred 18 0.40%
Total 148 0.46%

New Reserve
Proved 65.8 0.40%
Probable 32.4 0.41%
Total Reserve 98.2 0.40%
(Note: Old Reserve 50.4 at a grade of 0.489%)
Note: Reserves are contained within the total Resource. Mining dilution factors have been applied and
have been estimated to take account of the mining methods proposed and the strength of the
materials. A mining recovery factor of 95% has been assumed. The cut-off grade adopted is
0.275%V2O5.

Much lower than what ARU has found
The following from the same report matches what Rosco P was saying

All reported Resources are contained within a 6 km segment and all Reserves are contained within a
4 km segment of the 26 km strike length within PMA’s granted Mining Leases.
Previous mining operations at Windimurra achieved an average grade of 0.504% V2O5 with a positive
grade and tonnage reconciliation to the Resource model.

In a nutshell the market liked what it has read about ARU's Vanadium and seems to be bigger than PMA. They may be first to mine but I am sticking with ARU

I hold ARU and ARUO but not PMA