pma presentation, page-6

PMA are reworking an old mine.

AXO are starting a brand new mine, with loads of iron ore as well and close to all infrastructure and the sea for shipping.

I have studied the PMA deal release closely. Look at the crumby 7 year vanadium off take deal they got, at either spot or cash cost. So if spot price collapsed, it would render the mine unprofitable, yet they would be contracted to carry on to provide the vanadium under the offtake agreement.

With AXO looking like a much lower cost vanadium producer, that must have them really worried.