particularly see my BOLD print
"The DFS, which will be based on the reserve estimate derived from the expanded Measured and Indicated Mineral Resource, made significant progress during the quarter with processing of the bulk sample through the pilot plant scale crushing, grinding and magnetic beneficiation process to generate a magnetic concentrate for subsequent salt roast / kiln pilot plant testing. The bulk sample pilot plant testwork, designed to confirm scalability of the Project process flow sheet was the key focus during the quarter, however other activities included the progression of engineering design work, receipt of a range of vendor quotes to inform the development of the capital expenditure and operating cost estimates, leach and product precipitation of the calcine product from the salt roast / kiln sighter sample testwork
During the quarterthe Company engaged Blackbird Commodity Partners / Bridge Street CapitalPartners as Joint Financial Advisors (“the JFA’s”) in relation to funding thedevelopment of the Project. The JFA’s, in partnership with the Company, have commenced a strategic investor / partner engagement process to be conducted in parallel with the completion of the DFS. This process, which complements the ongoing end-user /offtake partner discussions being conducted by the Company, is designed to target potential investors with a shared long term view of the vanadium industry and capacity to participate at a meaningful level in the Project financing.
The Company has provided a number of draftagreements (MOU’s and Term Sheets) to a range of potential end-user / offtakepartners with the aim of delivering meaningful, tangible agreements.Shareholders will be informed as these discussions progress.
The vanadium price declined further during the quarter, from the unsustainable highs seen during the
December 2018 quarter to levels that are supportive of continued growth in consumption and
development of high quality green fields projects such as **anintha. The decline was exacerbated by
seasonal demand factors in China, with prices in the near term expected to improve as vanadium
consumption in the steel industry stabilises. "
But there is lots more...will present later
