Great analysis and summary of the news flow and information that has been coming for the past 12 months. When the DFS comes out and we get a look at the final definitive numbers, I figure that if the numbers are proven, realistic, relevant and superior to the PFS, then their is little to roadblock those last stages of Off-takes, FID and Finance.
The project to date has not skipped a beat, if anything it has out performed it's own modest expectations. For example, as per 22/6/22:
◆ Pilot Plant test work indicates elevated overall recoveries of 84.4% indicating a 4% increase to
metrics used for the Pre-Feasibility Study (PFS)
◆ Magnetic separation concentrates indicate reduction of reagent consumption compared to
metrics used for the PFS, due to lower than expected Silica content
◆ Magnetic separation test work indicates V2O5 recoveries in excess of 96% achievable at
concentrate grades above 2.10% V2O5
These positives will improve the profitability of the operations in a significant way.
The Capex - best of any other developing miner. Inflation issues? Maybe, but the assessment in 2021, included a 15% contingency. Raubex by the terms of the CR agreement, are competing to be one of the major suppliers of the mining operations. Also now being a major shareholder, they have a stake - I see this as a positive for getting the mine up and running ASAP.
The Opex - superior to any Australian miners and able to keep the mine profitable with Vanadium price fluctuations
The size and quality of the resource - this mine has the potential to be one of the largest Vanadium mines in the world moving forward.
I remember FMG in the early days, nobody thought that Forrest could achieve what he did. Couldn't compete with the big boys.
At some point soon the evidence will present itself to investors whether the mine is going ahead and whether it will likely be very profitable.
It is up to the individual investor to look at the facts as they present themselves and purchase shares at the relative price. I am happy that I got in when I did and am not concerned with the day to day fluctuations up or down (nor the recent HC fears about takeover talk - paranoid white noise).
The wait to construction is not long in relative terms and I look forward to seeing this as a profitable and dividend producing investment moving forward. Good luck to all those who invest.
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