All that valuation is well and good but it doesn't change the...

All that valuation is well and good but it doesn't change the fact that the largest Vanadium producers in the world (Largo, Bushveld) are not profitable. Benefection is the key and thas why SRN and TVN are trying to come up with a process that focuses on opex. It simply isn't profitable otherwise. The unfortunate thing is that the tech is not proven just yet, and is capex intensive.
TVN have actually pivoted away from Vanadium at the moment as they can't climb the capex mountain (in my opinion).
The Chinese have a hold in V production as its a byproduct of their ore processing.