I think AVL are attacking this from a great angle here. As we know from TNG (had JORC and a PFS in 2012) it takes years and multiple capital raisings (plus associated dilution) to even get to the DFS stage and secure a binding off take.
By starting with the sales and distribution of VRB's as storage solutions AVL will be able make the most of the emerging technology (profits) with a view to develop the resource once things really kick off. The battery storage market is going to be a big one and we'll see enormous growth but currently the VRB market only accounts for less than 1% of the Vanadium market.
http://www.vanadiumcorp.com/targeted-products/vanadium/electrolyte
So focusing on the battery market alone, from a mining point of view wouldn't be viable for AVL at this stage which is exactly why TNG wrapped up 60% of their product into an off take with the steel making industry. Wooden wanted 100% but obviously management want to tap into the VRB market with the rest (CAT Powerhive)
Two totally different co.'s but both with big futures ahead of them.
