Because, based on the expected increase in demand in the years ahead, it is not going to stay under $10.5 for too long. I think they did fine with choosing $10.5/pound as the worst case scenario.
Who expected the SP to hit 3.3c and we don't even know if this is the bottom?
It is impossible to predict and foresee everything that's going to happen in the future.
It is very difficult to project the worst case price. What if we get hit by an asteroid tomorrow that decimates the population that sends us back to the stone age. Then no one would be willing to buy Vanadium even for a dollar a pound.
AVL Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
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