True, but the Vanadium grade is also low relative to other...

True, but the Vanadium grade is also low relative to other players at exploration and near-production stages. The size of the orebody is irrelevant if you can't achieve sufficient margin to warrant extraction and production. True - a larger orebody provides for a longer period of supply, which can offset some level of lost margin because of a higher relative cost to extract. But that margin still has to be sufficient to have an investor/lender accept the opportunity cost of not investing that capital in another producer with a higher margin and IRR.

So it all comes down to how efficiently KRR can get the good stuff out of the rocks, and how compelling the business case is as a result. We need to see that before anyone should get excited about Speewah. But I DO hope there's something to be excited about