Referring to your mention of "consequent low yield resulting in a 7 year pay back".
From AVL BFS (6/4/22) page 1
"Forecast vanadium recovery to concentrate of 74.2% life of mine, supported by pilot testing and comparable to current international primary vanadium operations."
"Innovative process flowsheet recovers 90% of vanadium in concentrate, utilising tried-and-tested grate kiln technology, with valuable reductions in gas consumption and CO2 emissions."
The above suggests an end-to-end recovery of ~66.8%.
From TMT DFS (21/8/2019) page 7 Table 2
"Avg V Recovery (Yrs 1-12): 70% - Includes two year ramp up period, and blended transitional / partly oxidised feed in the early years"
IMO the end-to-end yields are not vastly different. Also, yield may not have had as much of an impact on payback period, compared to say capital and operating costs.
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